Iraq To Reduces Its Oil Production Rate 160,000 Barrels Per Day

| January 10, 2017

BAGHDAD / Oil Ministry announced on Tuesday cut its oil production by 160,000 barrels per day, in line with the decision of producing countries from inside and outside "OPEC".

Oil Minister Jabbar Ali said in a statement today that "the quantities that have been reduced from national production of crude oil rate reached 160,000 barrels per day," expressed hope that amounts of reduction rate to 210,000 barrels to be reached at end of the month, which is amount that set for Iraq which it was agreed upon at a meeting of the / OPEC / in Vienna last year. "

He stressed "Iraq's commitment to the decision of reduction, despite achieving record rates of oil exports in the past year", hoped "improving oil prices after the control of the oversupply and the growth of global oil demand in the coming period."

Source: National Iraqi News Agency

Category: Business

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