Iraq has signaled a willingness to go along with the recently-mooted Opec/non-Opec ‘output freeze’ pact. But there’s a catch: the freeze will be at January levels, and Iraq claims an implausibly high total.

Fresh from praising talks between Opec and non-Opec in Doha and Tehran last week on the potential for a crude production freeze, Iraq officials have said that the country could be willing to cooperate with any freeze.

But then the freeze is to be at January levels. And...