OPEC Secretary General, Mohammed Barkindo speaks during Iraq Energy Forum, in Baghdad, Iraq, Sunday, April 2, 2017. (AP Photo/Hadi Mizban)
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Iraq has assured OPEC it would fully comply with an agreement to cut oil supply in order to bolster crude prices, OPEC Secretary-General Mohammed Barkindo said Sunday in Baghdad.While Iraq is committed to achieving 100 percent of its target reduction, it will proceed with projects to boost oil production capacity to 5 million barrels per day before the end of the year, Luaibi said.OPEC's second-largest producer, after Saudi Arabia, Iraq will proceed in parallel with exploration plans to increase its reserves by 15 billion barrels in 2018, to reach 178 billion barrels, he said.Iraq's oil production has averaged 4.464 million barrels per day so far in March, a reduction of more than 300,000 bpd on levels before OPEC cuts were implemented from Jan. 1, state-oil marketer SOMO said Thursday.
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