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Iraq is still committed to OPEC+ deal, works for market stability

Earlier, Bloomberg reported that the OPEC+ ministerial meeting could be postponed from June 9-10 to a later date in mid-June

MOSCOW, June 3. /TASS/. Iraq remains committed to the OPEC+ deal and works with OPEC members on stability and balance of oil markets, a representative of the Iraqi Oil Ministry told TASS.

"Iraq confirms its commitment to the OPEC + agreement and works with OPEC members on the stability and balance of oil markets," he said.

Earlier, Bloomberg reported that the OPEC+ ministerial meeting could be postponed from June 9-10 to a later date in mid-June. This is not the first time when the meeting’s postponement is discussed.

Last week, the ministers were planning to hold it ahead of schedule, on June 4. An earlier meeting would allow them to quickly determine export schedules for July and announce supply prices.

On June 2-3, when OPEC calculated the data on compliance with the oil production reduction agreement by the end of May, it turned out that not all countries of the alliance fully comply with it. Under the new agreement OPEC+ countries should remove 9.7 mln barrels per day from the market in May-June.

The ministers have been in constant contact all these days and came to the conclusion that holding a meeting on June 4, and even June 10, is not feasible, "until the discipline problem is resolved," a source in one of the delegations told TASS.