Iraq accuses other oil producers of exceeding quotas

Iraq accuses other oil producers of exceeding quotas. (Reuters pic)

BAGHDAD: Iraq on Monday accused other oil-producing countries of extracting more barrels of crude than agreed by OPEC and its partners, ahead of a meeting of the cartel next week.

“Producers who are or are not members of OPEC have not respected the set target… and the price of petrol has not reached the desired level,” said Oil Minister Jabbar al-Luaibi.

In order to “reach a fair and consistent price, we need more support, stability and engagement from the producing countries for the agreement” reached in early 2017, he said in a statement.

At the time, the Organization of Petroleum Exporting Countries and other countries pledged to limit oil output and measures to boost crude prices.

Despite making this commitment, Iraq itself regularly exceeds the limit, according to experts.

It has often called for measures to be taken to boost oil prices to support its budget, hit largely by the price slump and its three-year war on jihadists.

OPEC and its partners are scheduled to discuss the agreement at a meeting in Vienna on June 22.