# Iraq assures OPEC of full conformity with oil production guidelines, OPEC says

> OPEC said Iraq presented concrete steps to compensate for overproduced volumes and assured it would achieve full conformity with output guidelines. The statement strengthens expectations of compliance within the OPEC+ framework.

- Date: 2024-08-29 · published 2024-08-29T12:00:00.000Z
- Category: policy · region Global · magnitude low
- Page: https://feedsoft.ai/events/28698-iraq-assures-opec-of-full-conformity-with-oil-production-guidelines-opec-says
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Stronger compliance and compensating cuts limit extra supply, which supports crude prices. Higher energy costs raise diesel and freight expenses for feed producers.

## Read by commodity

- WTI: neutral
- BRENT: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2022-10-31 | [OPEC Says Supply Surplus Was Main Reason for Oil Production Cut - Bloomberg](https://feedsoft.ai/events/39056-opec-says-supply-surplus-was-main-reason-for-oil-production-cut-bloomberg.md) | +4.0% | -12.3% |
| BRENT | 2017-03-07 | [Saudi oil minister says no 'free rides' for non-OPEC producers](https://feedsoft.ai/events/71901-saudi-oil-minister-says-no-free-rides-for-non-opec-producers.md) | -8.4% | -5.0% |
| BRENT | 2020-12-03 | [Here’s What OPEC And Its Allies Agreed Upon On Oil Production](https://feedsoft.ai/events/49560-here-s-what-opec-and-its-allies-agreed-upon-on-oil-production.md) | +1.7% | +7.3% |
| BRENT | 2017-12-01 | [For How Long Will OPEC Extend Production Cuts?](https://feedsoft.ai/events/68171-for-how-long-will-opec-extend-production-cuts.md) | -2.0% | +4.9% |
| BRENT | 2019-06-20 | [Gulf OPEC Producers to Keep July Production Within Current Deal   \| OilPrice.com](https://feedsoft.ai/events/58531-gulf-opec-producers-to-keep-july-production-within-current-deal-oilprice-com.md) | +7.0% | +2.1% |
| WTI | 2022-10-31 | [OPEC Says Supply Surplus Was Main Reason for Oil Production Cut - Bloomberg](https://feedsoft.ai/events/39056-opec-says-supply-surplus-was-main-reason-for-oil-production-cut-bloomberg.md) | +5.4% | -12.2% |
| WTI | 2017-03-21 | [OPEC's Oil Production Agreement Having Unintended Effects, Goldman Says - Business Insider](https://feedsoft.ai/events/72160-opec-s-oil-production-agreement-having-unintended-effects-goldman-says-business.md) | -1.4% | +9.4% |
| WTI | 2017-03-07 | [Saudi oil minister says no 'free rides' for non-OPEC producers](https://feedsoft.ai/events/71901-saudi-oil-minister-says-no-free-rides-for-non-opec-producers.md) | -9.6% | -5.5% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/iraq-assures-opec-full-conformity-with-oil-production-guidelines-opec-says-2024-08-29/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.