Iraq Reaffirms Commitment to OPEC's DoC Agreement

Iraq has confirmed its full commitment to OPEC's Declaration of Cooperation (DoC) agreement and plans to compensate for any oil overproduction since early 2024. The Oil Ministry's statement highlighted that Iraq will adhere to production levels, intending to balance excess production by September 2025.

Iraq has reaffirmed its complete commitment to OPEC's Declaration of Cooperation (DoC) agreement, pledging to compensate for any oil overproduction since the beginning of 2024, according to a statement from the Oil Ministry.

The ministry's remarks were in response to secondary sources used by OPEC+ that indicated Iraq's crude oil production exceeded the agreement's quota by 184 thousand barrels per day in June 2024.

The Oil Ministry stated that Iraq will meet the required production level of 4 million barrels per day for July and subsequent months, while also compensating for the surplus production during a compensation period extending until September 2025.