Iraq to maintain oil productions cuts until March 2024

Iraq to maintain oil productions cuts until March 2024

On Friday, the Iraqi Oil Ministry confirmed that the government considers oil price volatility via OPEC+ to reduce risks and generate sufficient revenue for the country’s treasury.

According to Asem Jihad, the spokesperson of the Oil Ministry, the Iraqi government is entirely aware of the importance of the changes in the worldwide oil market and their impact on the financial gains acquired from exporting Iraqi oil abroad.

It’s essential for the government to consider all the changes happening, both good and bad. It’s especially crucial to address the challenges the global oil market faces due to price fluctuations.

This event, affecting the oil market for decades, is a fluctuation.

OPEC+ members, including Iraq, are attempting to balance supply and demand to stabilize the global oil market.

For months, oil prices have fluctuated above and below $80. In response, the OPEC+ group unanimously agreed to extend production cuts until March 2024.