Iraq’s oil minister emphasized on Saturday that Iraq had implemented adequate voluntary oil production reductions and would resist any additional cuts proposed by OPEC+ at its forthcoming meeting in early June.
Sources familiar with the matter revealed that OPEC+ members, comprising the Organization of the Petroleum Exporting Countries, Russia, and other non-OPEC producers, might extend certain voluntary output cuts if demand fails to rebound.
Responding to a query about Iraq’s stance on extending the OPEC+ voluntary cuts at the scheduled June 1 meeting, Hayan Abdul Ghani stated, “Iraq has reduced (output) enough and will not agree to any new cut.”
It remained unclear whether Abdul Ghani’s statement indicated opposition to extending the voluntary cuts, contradicting widespread expectations of an extension, or simply resistance to further cuts.
He made these remarks on the sidelines of an oil and gas licensing conference in Baghdad.
Despite Iraq’s repeated affirmation of adhering to voluntary cuts announced by OPEC+ in 2023, the country exceeded its output quota by a cumulative 602,000 barrels per day in the first quarter of 2024, according to OPEC+ statements on Friday.
The group disclosed that Baghdad had committed to compensating for this excess with additional production cuts throughout the year.
US Energy Secretary Jennifer Granholm is set to visit Saudi Arabia and the United Arab Emirates next week to address “climate cooperation” and other pertinent issues, as per two Biden administration officials informed on Friday.
The visit, scheduled from Tuesday through Thursday, will commence with Granholm’s trip to the UAE, one official stated. This marks her maiden visit to the region as secretary.
“The visit continues the longstanding engagement between the US and this region,” the officials remarked.
“Specifically, for the Department of Energy, it advances the collaborative efforts of both countries on climate cooperation and energy economy diversification.”
Granholm will partake in a meeting of the Net-Zero Producers Forum, an assembly of nations representing 40 percent of global oil and gas production, including the US, Saudi Arabia, and Qatar, according to sources.
Established in 2021, the group focuses on reducing carbon emissions through initiatives such as methane abatement and clean energy deployment.
Saudi Arabia and the UAE are OPEC members currently contemplating whether to extend output cuts.
The Net-Zero meeting, pre-planned, does not involve discussions on oil policy between Granholm and counterparts during the trip, one source clarified.
