Iraq Pledges Oil Production Compliance for 2024

Iraq's oil ministry has committed to addressing overproduction by compensating for excess output from May 2024. The ministry aims to adhere to a production level of four million barrels per day in June 2024 and the following months. This move aligns with secondary source estimates.

Iraq's oil ministry said on Wednesday it is fully committed to compensating for any overproduction in 2024, referencing estimates by secondary sources of overproduction of 203,000 barrels for the month of May.

The ministry will adhere to the required production level which is four million barrels per day for June 2024 and the subsequent months, it said in a statement.