Friday’s announcement by the Ministry of Oil lowered daily oil exports to 3.3 million barrels.
“Iraq has reduced its production and reduced its oil exports to 3.3 million barrels per day, in addition to reducing local consumption,” the ministry stated in a statement that dinaropinions.com received.
“This reduction during the coming months is to ensure that production remains within the agreed limits and compensate for the surplus produced in the previous months,” the statement continued.
“In line with the Republic of Iraq’s commitment to the decisions of OPEC and allied countries within the Joint Cooperation Agreement (DoC) regarding the voluntary reduction of oil production,” it continued, “This measure aims to enhance balance and stability in global oil markets.”
