Shafaq News / The Iraqi Ministry of Oil reiterated its commitment on Wednesday to reducing oil production in line with the Declaration of Cooperation (DoC) agreement.
The ministry acknowledged that estimates for May showed an overproduction of 203,000 barrels above the designated quota. However, Iraq expressed its readiness to compensate for any excess production since the beginning of 2024.
According to the statement, Iraq will continue to maintain the required production level of four million bpd in the coming months. The country is also committed to offsetting any excess production during the compensation period, which extends until the end of September 2025.
Iraq aims to increase its oil reserves to 160 billion barrels, with the launch of the fifth and sixth licensing rounds.
There is optimism about resolving the issue of gas imports by local production over the next five years, according to officials and economic analysts.
Iraq currently produces over 4.5 million barrels of oil per day, with oil exports accounting for over 94% of the country's GDP.
However, Iraq ranks as the second-largest gas flarer globally after Russia, with estimated annual losses of around $6 billion.