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"Now
we're going on the 25th of May to OPEC and we're definitely
going to be in line with OPEC's final decision and collective
decisions," Jabar al-Luaibi told a conference in Paris.
Iraq, the second-largest producer in the Organization of the
Petroleum Exporting Countries, was in full compliance with the
OPEC-led supply pact reached last year and has achieved about 97
percent of its output reduction target, Luaibi said.
"Iraq is fully committed and Iraq is in full compliance with
OPEC members," Luaibi said.
He added that the OPEC-led cuts were gradually leading to a
long-awaited rebalancing of the oil market.
OPEC, Russia and other producers originally agreed to cut
production by 1.8 million barrels per day (bpd) for six months
from Jan. 1 to support the market and to bring a supply glut
into check.
The producers are expected to prolong the pact for a further six
months when they meet in May.
Luaibi said the OPEC decision to cut did not mean countries
should stop developing their oil industries.
Earlier this month, Luaibi said Iraq planned to raise its oil
output capacity to 5 million bpd before the end of the year.
(Writing by Ahmad Ghaddar; Editing by Dale Hudson and David
Goodman)
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