Iraq has pledged to fully comply with oil cut deal: Opec chief says

Baghdad: Iraq has given Opec assurances it will fully comply with an agreement to cut oil supply in order to bolster crude prices, Opec Secretary General Mohammed Barkindo said on Sunday.
Compliance with the deal agreed by Opec and non-Opec producers at the end of last year to cut supply is "encouraging," Barkindo told an energy conference in Baghdad.
"The focus is now to rebalance the market," he said.
He described as "very constructive" meetings he had on Saturday with Prime Minister Haider al-Abadi and other Iraqi leaders in Baghdad.
He saluted Iraq's "flexibility" in the talks that helped bring about an agreement between the Organisation of Petroleum Exporting Countries (Opec) and non-member oil producers.
Iraq plans to increase its oil output capacity to 5 million barrels per day before the end of the year, Oil Minister Jabar Al Luaibi said on Sunday.
Iraq will proceed in parallel with exploration plans to increase its reserves by 15 billion barrels in 2018, to reach 178 billion barrels, Luaibi told an energy conference in Baghdad.
Among the plans to increase output capacity from existing fields is a sea water injection plan which is in process of being tendered, he said.