Iraq voluntarily reduces oil production by 211 thousand barrels per day

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Iraq voluntarily reduces oil production by 211 thousand barrels per day

On Thursday, the Ministry of Oil confirmed that Iraq will voluntarily reduce oil production by an additional 220,000 barrels per day starting January 1, 2024.

The Iraqi Ministry has stated that from January 1, 2024, until the end of March 2024, Iraq will voluntarily reduce its oil production by an additional 220,000 barrels per day. This decision has been made in coordination with some countries that are participating in the OPEC Plus agreement.

She stated that Iraq’s production will remain at 4 million barrels per day until the end of March 2024. Additional reduction amounts will gradually be restored after that time to support market stability based on market conditions.

She announced that Iraq would reduce its oil output by an additional 500,000 barrels per day until December 2024, in addition to a previous reduction of 211,000 barrels per day announced in April 2023.

She stated that this “voluntary reduction further strengthens the precautionary efforts of OPEC+ to support oil market stability and balance.”