OPEC and its allies will try to keep oil prices at $70 per barrel in the first quarter of 2022, Iraq’s oil minister said, adding the group is expected to stick to its current production accord when it meet in October “if prices remain stable”

Iraq aims to increase crude oil export capacity from its southern ports to 6 million barrels per day from the current 3.5 million barrels a day capacity

Iraqi Oil Minister Ihsan Abdul Jabbar expects to reach an agreement soon with the OPEC+ group over increasing Iraq’s crude oil exports, state news agency INA stated

The Organization of the Petroleum Exporting Countries and its allies may discuss this month which countries have lagged in reducing their oil output under a global oil cut deal, Russian Energy Minister Alexander Novak said

Saudi Arabia’s crude oil exports to China fell in July, taking it out of the top two supplier slots for the first time in two years, after a historic production cut to cope with a plunge in fuel demand and prices that was by the COVID-19 pandemic.

Iraq has agreed with major oil companies operating its giant southern oilfields to cut crude production further in June, as it aims to improve its compliance with its output cut targets under the global deal with OPEC+

The group, known as OPEC+, also demanded countries such as Nigeria and Iraq, which exceeded production quotas in May and June, compensate with extra cuts from July to September

OPEC+ meet on Saturday to discuss extending record oil production cuts and to approve a new approach that aims to force laggards such as Iraq and Nigeria to comply better with the existing curbs

OPEC+ oil producers could still hold a ministerial video conference this week if Iraq and others which have not fully complied with existing oil supply cuts agree to boost their adherence