Iraq seeks exemption from OPEC deal curbing oil production in Q1 2021

CAIRO (Reuters) – Iraq is seeking an exemption from an OPEC+ deal curbing oil production during the first quarter of 2021 but will adhere to the cuts over the next three months, Oil Minister Ihsan Abdul Jabbar said on Wednesday.

Abdul Jabbar has spoken about the exemption to OPEC oil ministers in three separate meetings, he told a local newspaper in comments reported by state news agency INA.

“The minister revealed efforts to exempt Iraq from the agreement to cut exports in OPEC and the subject has been broached with the organisation’s oil ministers in three consecutive meetings,” INA said.

Abdul Jabbar said last month that Iraq would cut its oil production by an additional 400,000 barrels per day (bpd) in August and September to compensate for its overproduction in the three previous months.