Iraqi Oil Minister Ihsan Abdul Jabbar said on Sunday that the ceiling for exports will reach 3.8 million barrels per day in June and 3.85 million bpd in July.
He also told reporters that Iraq is 100 percent committed to its participation in OPEC.
The Iraqi oil ministry has said that average crude exports reached 3.3 million bpd in May.
Also, Abdul Jabbar stated that Iraq would implement a ruling from its federal court in February in which it deemed a Kurdish oil and gas law unconstitutional.
In February, Iraq’s federal court deemed an oil and gas law regulating the oil industry in Iraqi Kurdistan unconstitutional and demanded that Kurdish authorities hand over their crude supplies.
Abdul Jabbar added that Iraq’s Basra Oil Company will acquire the biggest share in Exxon Mobil’s stake in the southern West Qurna 1 oilfield after approving the 2022 budget.
Iraq’s oil ministry formally asked to purchase U.S. energy giant.
Exxon’s shares in the oilfield in May 2021, which is one of the world’s largest with recoverable reserves estimated at more than 20 billion barrels.