MUNICH, Germany - The Iraqi Oil Ministry on Monday announced it was fully committed to the OPEC+ decisions and exported volumes under the control of the Iraqi oil ministry to achieve "stability in global oil markets”, making sure that the resumption of the Kurdistan Region’s oil exports will not affect Iraq's OPEC compliance.

"The Iraqi Ministry of Oil affirms its full commitment to the OPEC+ agreement, the additional agreed cuts, and to compensate for excess output from previous months,” read a statement by the Iraqi oil ministry, adding Baghdad will "take the necessary measures to ensure the implementation of these agreements.”

The statement comes following a joint phone call between Iraq’s Oil Minister Hayyan Abdul Ghani, Prince Abdulaziz bin Salman Al Saud, Minister of Energy of Saudi Arabia, Alexander Novak, Deputy Prime Minister of Russia, and Haitham Al-Ghais, Secretary General of OPEC.

The oil ministry added that Iraq’s crude oil production in January 2025 amounted to 3.999 million barrels per day, which is "a positive indicator that reflects Iraq's commitment to the agreed production levels.”

"The Iraqi Ministry of Oil will continue its efforts to compensate for the accumulated surplus, taking into account the recent developments regarding the federal government receiving oil produced in the Kurdistan Region and resuming exports through the Iraqi-Turkish pipeline while adhering to Iraq's share stipulated in the OPEC voluntary cuts,” the statement detailed. 

According to an agreement with OPEC+, Iraq is committed to producing four million barrels of oil per day, of which 700,000 barrels are used domestically.

The Iraqi oil ministry assured its OPEC partners that Baghdad will play a pivotal role in helping achieve "stability in global oil markets, and the importance of the contribution of OPEC+ member states in supporting this stability."

Iraq has 145 billion barrels of proven oil reserves, according to the World Bank. Oil is Iraq’s main source of income.

Resumption of Kurdish oil exports

The oil minister of Iraq told reporters on Monday that Baghdad was waiting for Turkey's approval to resume oil exports from the Kurdistan Region, hopeful that the resumption might be ready in two days.

Iraq and the Kurdistan Region’s oil ministries announced Sunday that they reached an agreement to resume the Region’s oil exports.

Iraq will take 185,000 barrels of oil from the Kurdistan Region in the first stage of resuming exports through the Ceyhan pipeline, and will gradually increase the volume to reach 400,000 barrels per day, Iraq’s Ministry of Oil undersecretary Bassem Mohammed Khadhir told the state media.