Iraq oil minister expects deal to up oil exports

Iraq oil minister expects deal to up oil exports

CAIRO - Iraqi Oil Minister Ihsan Abdul Jabbar expects to reach an agreement soon with the OPEC+ group over increasing Iraq's crude oil exports, state news agency INA cited him as saying on Thursday.OPEC's second-biggest producer, Iraq has failed in the past to fully comply with OPEC+ oil output reductions, pumping above its production targets since the pact was first signed in 2016 between OPEC and its allies led by Russia.The reduction in exports resulting from the OPEC+ cuts have squeezed Iraq's finances, challenging a government struggling to tackle the fallout from years of war and rampant corruption. Iraq relies on oil to fund 97% of its state budget.INA quoted Abdul Jabbar as telling state-owned daily newspaper Al-Sabah that an agreement with OPEC+ was imminent over increasing Iraq's exports. It