Iraq denies it was seeking exemption from OPEC+ oil cuts – ministry

(Reuters) – Iraq said on Wednesday it remained fully committed to the OPEC+ oil supply cut agreement, denying earlier media report that it was seeking an exemption from the reduction pact during the first quarter of 2021, Iraq’s oil ministry spokesman said.

“The Ministry of Oil would like to categorically deny this baseless statement, and affirm that, to the contrary, Iraq remains fully committed to the April OPEC+ Declaration of Cooperation, and the compensation mechanism agreed to in June,” the spokesman said in a statement.

Iraq’s compliance with the current oil cuts was above 100% in August, and the Arab OPEC oil producer “will continue to perform at this elevated level, while compensating in August and September for the previous overproduction of 850,000 barrels per day”, according to the OPEC+ agreement, the spokesman said.

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