Minister of Oil: We support the OPEC+ agreement and decisions and are committed to an additional voluntary reduction

Baghdad - Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul-Ghani confirmed Iraq’s full support for the OPEC+ agreement and decisions that were taken on November 30, 2023.

He indicated, while chairing a meeting that included a number of officials from the Iraqi Oil Marketing Company "SOMO", that Iraq was committed to an additional voluntary reduction in oil production by an amount of up to (220) thousand barrels per day, starting from January 1, 2024 until March 31, 2024. .

Abdul Ghani said, according to a statement by the ministry: “Iraq’s decision comes within the framework of joint efforts to achieve balance and stability in oil markets, as Iraq will, in accordance with the reduction program, reduce its production to (4 million barrels per day).”

Source: National Iraqi News Agency