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03 Feb 2021

Iraq expresses commitment to compensate for overproduced volumes

Iraq reiterates its commitment to adhering to full conformity and compensating for overproduced volumes in accordance with decisions taken at OPEC and non-OPEC Ministerial Meetings (ONOMM), most recently the 13th ONOMM on 4/5 January 2021.

Iraq remains resolute in the core Declaration of Cooperation (DoC) objectives of rebalancing the market and achieving much needed sustainable stability.

The attainment of 100% conformity from all Participating Countries, and compensating for overproduced volumes, is both fair and equitable to all participating countries in the DoC.