Oil: High-Level Understanding Within OPEC Takes into Account Iraq's Past Circumstances and Current Demands

Dhi Qar – INA

The Ministry of Oil confirmed on Friday that OPEC has begun gradually restoring Iraq's pre-war export volumes to boost production capacity, noting a high-level understanding within OPEC that takes into account Iraq's past circumstances and current demands.

Oil Ministry spokesman Salim al-Rikabi told the Iraqi News Agency (INA) that "Prime Minister Ali Falih al-Zaidi did not raise the issue of Iraq withdrawing from OPEC," adding that "the government emphasizes the importance of reassessing production quotas in line with the circumstances of member states and the adopted agreements and understandings, while also considering Iraq's specific security and economic conditions."

He added that "OPEC and its allies have responded to this approach by launching a process to assess the sustainable production capacity of member states, in coordination with an independent international consulting firm, and with Iraq's active participation according to the approved timetable."

He explained that "OPEC and its allies have also begun gradually restoring production quotas, particularly the voluntary cuts, over the coming months, which will contribute to boosting Iraq's production capacity." He emphasized that "any demands related to production ceilings or levels will be discussed and addressed through the established technical and consensus mechanisms within the framework of OPEC and its alliance."

Al-Rikabi pointed to "a high level of understanding among member states that takes into account the exceptional circumstances Iraq has faced over the past four decades, including the wars, challenges, and damage to oil and supporting infrastructure caused by terrorist attacks."

He affirmed that "these factors will be considered to ensure that Iraqi oil production reaches a fair level, enabling it to regain its position as the second-largest producer in OPEC, and to achieve the objectives of projects to develop and rehabilitate the oil sector, which represents the cornerstone of the national economy and Iraq's primary source of revenue."