Baghdad - Minister of Finance Ali Allawi confirmed that Iraq is unable to increase oil exports in response to high global oil prices and supply disruptions related to Russia, because it is clearly committed to the agreements mandated by OPEC.

"While Iraq benefits from the high oil prices incurred by the Russian-Ukrainian war, the costs of the conflict are also significant, including higher prices for fertilizer, wheat and other basic commodities," Allawi said during a visit to Washington, according to news agencies.

Allawi added that the reasons for Iraq's stay in OPEC were confirmed recently through the agreement to cut supplies led by Saudi Arabia, which he described as "a successful policy without a doubt."

Iraq pumped 4.34 million bpd in March, up 80,000 bpd from February and just below the OPEC production ceiling of 4.37 million bpd, according to the latest S&P Global Commodity Insights survey.

Production rose in the month of March with the return of the giant West Qurna 2 field in the country from maintenance about two weeks ago, while protests disrupted the Nasiriyah field for a few days at the beginning of the month.

Source: National Iraqi News Agency