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Iraq committed to OPEC quotas but wants burden sharing

Iraq affirmed its commitment to the OPEC+ oil production cut deal but asked the group to take into consideration the members’ economic situation in sharing the burden of future cuts, Iraqi Finance Minister Ali Allawi said on Sunday.

“We are seeking to set new rules in future over sharing burden among state members by considering the economic situation and living standards,” said Allawi.

OPEC, Russia and allies agreed on Saturday to extend record oil production cuts by one month until the end of July, after the group held a video conference.

The group, known as OPEC+, also demanded countries such as Nigeria and Iraq, which exceeded production quotas in May and June, compensate with extra cuts in July to September.

Source: Reuters

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