March 7, 2017 / 11:47 PM / 3 years ago

Iraq oil minister reports 85 percent compliance with OPEC supply cut

Iraq's Oil Minister Jabar Ali al-Luaibi talks to journalists during a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, November 30, 2016. REUTERS/Heinz-Peter Bader

HOUSTON (Reuters) - Iraq has achieved 85 percent compliance with an OPEC crude supply cut of 210,000 barrels per day (bpd), Iraqi Oil minister Jabar al-Luaibi said Tuesday on the sidelines of CERAWeek conference in Houston.

Iraq’s baseline for the cut was 4.56 million bpd of crude. OPEC’s compliance with the agreement rose to 94 percent at the end of February versus 82 percent in January, according to a Reuters survey.

“Our production is increasing, but our exports are at the level of the OPEC agreement,” the minister said. He did not elaborate.

Reporting by Ruthy Munoz and Erwin Seba

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