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Iraq's Oil Minister Hayan Abdel-Ghani, who took office in October, plans to update Iraq's oil production strategies to meet local needs while complying with the OPEC+ agreement, oil ministry spokesman Asim Jihad told Reuters.
It is too early for the new government to talk about any significant increases in Iraq's oil production outside the OPEC+ agreement, Jihad said.
'HARD, IF NOT IMPOSSIBLE'For the oil sector, the country has repeatedly delayed a target to reach 7-8 million bpd capacity, from the current 5 million bpd.
The beneficiaries were not the international oil companies, but UAE firm Crescent Petroleum and two Chinese companies.
Iraq's oil minister this month revived seven investment opportunities in Iraq's refining sector.
On Friday, G7 nations and Australia agreed a $60 per barrel price cap on Russian seaborne crude oil in a move to deprive President Vladimir Putin of revenue while keeping Russian oil flowing to global markets.
OPEC virtually met on Saturday without allies such as Russia and discussed mostly administrative matters, sources said.
The ministers did not discuss the Russian price cap.
Five OPEC+ delegates said on Saturday the OPEC+ meeting on Sunday would likely approve a policy rollover.
On Friday, two separate OPEC+ sources said a further output cut was not completely off the table given concern about economic growth and demand.