On Sunday, Iraqi Oil Minister Hayan Abdel-Ghani reaffirmed his country’s commitment to reducing oil production by 220,000 barrels per day, as was agreed upon in the most recent OPEC+ agreement.


The country is also prepared to raise output if OPEC+ requests it.

To bring production in line with OPEC+’s agreed rates, “we forced some oil companies operating in the south to cut production,” he continued.

The minister claimed that negotiations between the French oil company TotalEnergies and Iraq “have reached advanced stages” to resolve the snags in the long-delayed $27 billion energy deal.

“We will activate the deal very soon,” Abdel-Ghani said at an energy event. As part of the proposed deal signed in 2021, TotalEnergies will invest $10 billion initially over the course of 25 years to construct four oil, gas, and renewables projects in southern Iraq. This is seen by Baghdad as a step toward reviving foreign investment in the country.

According to Reuters sources, a major stumbling block is Iraq’s demand for a 40% stake in the project, while TotalEnergies wants a majority stake.

Abdel-Ghani was asked if Iraq’s stake in the project had been resolved, to which he replied, “It’s not the time to discuss the shares and we will announce them when an agreement is reached.”