July 13, 2020 / 5:16 PM / 23 days ago

Iraq committed to improving compliance with OPEC+ cuts

DUBAI, July 13 (Reuters) - Iraq’s oil minister said on Monday that his country was fully committed to the OPEC+ oil output cut agreement and that Baghdad would improve its compliance with the supply reductions to reach 100% by the start of August.

Iraqi Oil Minister, Ihsan Abdul Jabbar Ismail also pledged to compensate for Iraq’s overproduction in May and June during the months of July, August and September, according to a joint statement issued after a telephone call with his Saudi counterpart.

Saudi energy minister Prince Abdulaziz bin Salman has “expressed his confidence that Iraq would continue to improve its level of compliance”, according to the statement, adding Baghdad’s conformity in June has approached 90%, as reported by OPEC’s secondary sources. (Reporting by Rania El Gamal Editing by Chris Reese)

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