Iraq to Uphold OPEC Production Cuts

Iraq will remain committed to the OPEC+ deal struck in December 2018 to cut production by 1.2 million barrels per day, according to the nation's oil ministry.
A statement published on the ministry website noted that "Iraq does not take an individual decision to increase production to compensate for the shortage of oil supplies, whatever the reasons, because it respects the collective decision of the organization”. 
It cited Iraqi Oil Minister Thamer Abbas al-Ghadban as saying that Iraq respects the deal "because it aims to restore balance to the world oil market," S&P Global Platts reported.
This follows the expiry of eight US waivers surrounding the import of Iranian oil. With US sanctions against Iran in full effect, Saudi Arabia has promised to fill the supply gap, and US government officials have noted that both the Saudis and UAE will contribute to maintain market balance.
OPEC's Joint Ministerial Monitoring Committee is set to meet in Saudi Arabia May 19, where it will discuss market conditions ahead of the full OPEC meeting in Vienna, in June.

Gas to Overtake Oil 

For Iraq, the world’s fourth largest crude producer, natural gas is about to take pole position.
Rystad Energy forecasts that gas development in Iraq will overtake oil projects in 2019, measured in resources sanctioned for development, flying in the face of historical norms for the upstream industry in the country.
“Rystad Energy sees gas as the clear frontrunner in the region over the next four years,” says Aditya Saraswat, Analyst on Rystad Energy’s Upstream team.
New developments are on track to triple the country’s gas production from just over 28.3 million cubic meters per day in 2017 to about 85 mcm a day in 2022.
“This will allow the country to satisfy its own growing domestic demand for gas and possibly even launch Iraq into the global market as a gas exporter for the first time,” Saraswat added.