Iraq announced on 15 February that it will compensate for producing above its voluntary Opec+ production commitment last month. MEES calculates that it over-produced by 220,000 b/d against its 3.997mn b/d commitment (MEES, 9 February). In a statement the day after Saudi Energy Minister Prince Abdulaziz bin Salman visited Baghdad and met PM Mohammed al-Sudani, Iraq’s oil ministry says that it will compensate for the overproduction over the next four months, implying that it will produce around 55,000 b/d below its commitment over February-April. Iraq has a long track record of producing above-quota, but the compensation mechanism has proven successful since its introduction in 2020.