Iraq's oil ministry spokesman: Iraq’s conformity with oil cuts at above 100% in August

Iraq’s oil ministry spokesman reiterated on Wednesday that Iraq remains fully committed to OPEC+ oil cut pact agreed in April and the compensation mechanism agreed in June.

"Iraq will continue to deliver high conformity with oil cuts while compensating in August and September for previous overproduction of 850,000 barrels per day," the spokesman added and noted that conformity with productions cuts was above 100% in August.

"If Iraq's full compensation volumes cannot be made by the end of September, Iraq will ask for an extension for compensation period till the end of November," the spokesman concluded.

Market reaction

Crude oil prices continue to push lower and the barrel of West Texas Intermediate (WTI) was last seen losing 3.65% on the day at $41.40.