Iraq's oil ministry said on Wednesday it is fully committed to compensating for any crude oil overproduction in 2024, referencing estimates by secondary sources of overproduction by 203,000 barrels in May above levels agreed with OPEC+.

The ministry "is committed to the production level required in the agreement, of 4 million barrels per day, for June and the subsequent months, in addition to compensating the surplus production since the beginning of this year throughout the compensation period, which will run until September 2025," it said in a statement.

OPEC+, which groups the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, has implemented a series of output cuts since late 2022 to support the market.

OPEC+ on June 2 agreed to extend 3.66 million bpd of cuts by a year until the end of 2025 and extend the latest cut of 2.2 million bpd until the end of September and then gradually phase it out over the course of a year from October.

Ahead of that meeting, Iraq's oil minister said on May 12 his country was committed to voluntary production cuts agreed with OPEC.

(Reporting by Ahmed Rasheed; Writing by Yousef Saba. Editing by Jane Merriman)