Arab Countries, Including Iraq, Ready To Cut Oil Production

Baghdad - The United Arab Emirates, Iraq, Kazakhstan and Malaysia have told the technical committee of OPEC's of the ministerial follow-up committee that they are ready in the next few months to implement the agreement on reducing production, OPEC said..

The United Arab Emirates, Iraq, Kazakhstan and Malaysia expressed their full support for the current monitoring mechanism (OPEC +Contracts) and their full readiness in the coming months to cooperate with the Technical Committee and OPEC Ministerial Follow-up Committee to achieve the objectives of implementing the Convention ".

OPEC and non-OPEC countries reached an agreement on November 30 to reduce their oil production by 1.8 million barrels per day (bpd) beginning in 2017, while non-OPEC countries agreed that the total reduction of their production of oil 558 thousand barrels per day, of which 300 thousand barrels by Russia.

Source: National Iraqi News Agency