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Iraq tangled over oil desires

The Iraqi Oil Ministry has denied information about an imminent agreement with the OPEC + countries to increase crude oil production, Reuters reports.

The state newspaper al-Sabah wrote about the agreement being prepared, and the state news agency INA also referred to it. The correspondent of the publication claimed that the head of the department, Ihsan Abdul-Jabbar, expects an agreement with all parties to the transaction, and the rise in crude oil prices and the consequences of the coronavirus pandemic will allow Iraq's desire to be satisfied.

However, later, the press secretary of the ministry, Asim Jihad, confused the journalists, stating that the minister did not say this and did not communicate with the correspondent. INA then deleted its note.

Earlier, a source in OPEC + indicated that Iraq, which is the main violator of the deal, wants to demand exemptions for itself in 2021. The country is highly dependent on oil revenues, and from May to July it produced 851,000 barrels of oil more than it should be quota-based. Baghdad has promised to compensate for the cut in August-September.

At the same time, from October Iraq will reduce oil prices for the US, Europe, and Asian markets, responding to similar actions from Saudi Arabia and other players in the region. This will further reduce the republic's income and may force it to harden its own position.

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