Home World Middle East Iraq to compensate for January crude production increase Iraq’s oil ministry has confirmed that it will compensate over the next four moths for the increase in crude production by Reuters February 16, 2024 Iraq’s oil ministry on Thursday confirmed that it would compensate over the next four moths for the increase in its crude production above its OPEC+ commitments for January. “The Ministry confirms its commitment to compensate for the increases in production that were mentioned in the reports of secondary sources for January during the next four months, after reviewing them with secondary sources,” a statement published on state news agency INA said. In November OPEC+ agreed to voluntary output cuts totaling 2.2 million barrels per day (bpd) for the first quarter of this year. Saudi energy minister in Iraq Saudi energy minister Prince Abdulaziz bin Salman visited Baghdad on Wednesday and met with the prime minister. OPEC’s statement following an OPEC+ ministerial meeting on Feb. 1 had highlighted compliance, saying the committee would continue to monitor countries’ conformity to output cut decisions made last year.