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Despite Iraq Producing Nearly 5 Million bpd, Oil Minister Assures Country Will Comply With OPEC Oil Cut

Iraq's oil output is currently 4.3 million bpd.

Iraq's Minister of Oil recently announced Iraq's total output is close to 5 million barrels per day (bpd) yet, will continue to honor the OPEC cut, said Jabbar Al-Luaibi. 

The agreement signed by OPEC and non-OPEC countries outlined one of the highest producing countries, Russia was to cut 1.8 million bpd of crude. Despite the market not being 100 percent stable, Luaibi still claimed oil prices could be sustained at the current rate, during a industry conference in Dubai, UAE on Saturday. Iraq's oil output is currently 4.3 million bpd. 

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