Finance Minister: Iraq is unable to increase its oil exports and supports the cuts
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Economy News _ Baghdad
Deputy Prime Minister Ali Allawi said that Iraq is unable to increase oil exports in response to rising global oil prices and supply disruptions related to Russia, because it is clearly abiding by agreements mandated by OPEC.
Allawi said during a visit to Washington that "while Iraq benefits from the high oil prices incurred by the Russian-Ukrainian war, the costs of the conflict are also significant, including higher prices for fertilizers, wheat and other basic commodities."
Allawi added that the reasons for Iraq's stay in OPEC were confirmed recently through the agreement to cut supplies led by Saudi Arabia, which he described as "a successful policy without a doubt."
Iraq pumped 4.34 million bpd in March, up 80,000 bpd from February and just below the OPEC production ceiling of 4.37 million bpd, according to the latest S&P Global Commodity Insights survey.
Production rose in March with the country's giant West Qurna 2 field returning from maintenance about two weeks ago, while protests disrupted the Nassiriya field for a few days at the beginning of the month.