Iraq has assured OPEC it will fully comply with an agreement to cut oil supply in order to bolster crude prices, OPEC Secretary General Mohammed Barkindo said on Sunday in Baghdad.
Iraq’s compliance stands now at 98 percent, the nation’s oil minister Jabar al-Luaibi told reporters, after addressing a conference in the Iraqi capital, also attended by Barkindo.
Compliance with the deal agreed by OPEC and non-OPEC producers at the end of last year to cut supply is “encouraging,” Barkindo told the forum.
General compliance with supply cuts by the oil producers was 86 percent in January and 94 percent in February, he added.
The market is already balancing, Barkindo said, adding stocks of crude were coming down.
Luaibi said he was satisfied with the existing deal, but declined to say whether Iraq would support an extension, leaving it to an OPEC ministerial meeting planned in May.