Iraq renews its support for the OPEC Plus agreement and commitment to voluntary cuts

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Iraq renews its support for the OPEC Plus agreement and commitment to voluntary cuts

On Thursday, Iraq’s 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.

According to a statement from the Ministry of Oil, Abdul Ghani led a meeting with officials from the Iraqi Oil Marketing Company SOMO. During the meeting, they emphasized Iraq’s support for an agreement to achieve balance and stability in oil markets.

“Iraq has announced that it will reduce its oil production to 4 million barrels per day from January 1, 2024, until March 31 of the same year, in line with the reduction program. The country’s representative expressed appreciation for the measures taken by the OPEC+ group to maintain balance and stability in the oil market.”

Ammar Al-Anbuki, the Director General of the Iraqi Oil Marketing Company, has 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 as per the Declaration of Cooperation in (OPEC+), in compliance with the latest developments in the oil market.

Al-Anbuki stated that the OPEC+ agreement and the voluntary reduction decisions made by both OPEC and non-OPEC producing countries are intended to tackle the challenges and changes currently faced by the oil market. These initiatives aim to minimize the impact of these changes on the market’s stability.