Iraq announces its commitment to voluntarily reduce oil production

Iraq announces its commitment to voluntarily reduce oil production

On Thursday, Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul Ghani reiterated Iraq’s full support for the OPEC+ agreement and the decisions made on November 30, 2023.

The Ministry of Oil has issued a statement mentioning that Abdul Ghani has chaired a meeting with officials from the Iraqi oil marketing company SOMO. It states that Iraq supports the agreement within the framework of joint efforts to achieve balance and stability in the oil markets.

“Iraq will reduce its oil production to 4 million barrels per day by the reduction program from January 1, 2024, until March 31 of the same year,” he said. He also expressed his appreciation for the preventive measures taken by the OPEC+ group to preserve balance and stability in the oil market.

According to a statement, the Director General of the Iraqi Oil Marketing Company, Ammar Al-Anbuki, confirmed that Iraq, being the second largest producer of crude oil in OPEC, will continue to support the efforts of the organization and its allies within the framework of the declaration of cooperation in (OPEC+), by market developments related to oil.

The OPEC+ agreement and the voluntary reduction decisions of OPEC and non-OPEC producing countries aim to address challenges and variables in the oil market and mitigate their impact on its stability, affirmed Al-Anbuki.