Iraqi oil minister says the country’s compliance rate is at 85 percent

Iraq’s Oil Minister Jabar al-Luaibi informed that his country’s compliance rate in OPEC’s production cut agreement has reached 85 percent so far, while speaking at the sidelines of the international energy conference CERAweek.

Iraq pledged to slash 210,000 bpd of its oil output in November, taking as baseline an average daily of 4.56 million bpd.

In January, however, the daily average was 4.47 million bpd – nowhere near the 4.35-million-bpd target set in the agreement.

Separately, Al-Luaibi told media that Iraq will be able to pump 5 million barrels daily in the second half of the year, suggesting that it won’t support a production cut extension, which has been the object of recent speculation. Yesterday, however, Al-Luaibi was quoted as saying that OPEC will likely “need to” extend the deal.

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