Iraq announces Oil Output Cut

Iraq announces Oil Output Cut

Starting January 1, 2024, Iraq will implement a voluntary additional reduction of 220,000 barrels per day (bpd) in coordination with some OPEC+ member countries.

Iraq plans to increase its oil production to 4 million barrels per day until the end of March 2024. After that, the additional reduction quantities will be gradually restored based on market conditions to maintain market stability.

Iraq had previously announced a reduction of 211,000 barrels per day in April 2023, which will continue until the end of December 2024. In addition to this, Iraq has now voluntarily decided to further reduce its oil production to support OPEC+ efforts in stabilizing and balancing the petroleum markets. This additional voluntary reduction will supplement the previous reduction and help maintain the stability of the market.