Iraq’s May exports exceed its OPEC production quota
After cutting output less than anticipated, Iraq promises further moves to reduce production and bolster global prices.
Loading arms at the terminal for Iraqi crude exports at the Turkish port of Ceyhan. (STAFF/Iraq Oil Report)
Iraq's nationwide exports exceeded its OPEC production quota in May, prompting the country's acting oil minister to promise further cuts.
"Despite Iraq's severe financial constraints, we're addressing technical issues that will allow us to further reduce oil output," said Ali Allawi, the minister of finance and acting minister of oil, in a Twitter message Tuesday. "We remain committed to the OPEC-plus deal, and to doing our part towards ensuring a stable and secure global energy market."
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