Iraq does not expect OPEC+ to make further oil production cuts

Iraq anticipates that the upcoming OPEC+ meeting on June 4 will not reach a decision on extra oil production cuts, Iraqi Oil Minister Hayan Abdel-Ghani told Reuters, Azernews reports citing TASS.

"At the next meeting, which will be held on the 3rd and 4th (of June), there will be no additional reduction, and as for Iraq, we cannot reduce further," he said.

The minister also stated that Iraq is committed to voluntary oil production cutbacks that began in May and will extend until the end of 2023, and noted that Iraq "was not asked to make any additional such cuts before a June 4 OPEC+ meeting".

The OPEC+ ministerial meeting is scheduled for June 4. According to delegation sources, the meeting could take place in Vienna in person. A conference of OPEC countries is set for June 3, which is held every six months.