BAGHDAD, Dec 1 (NNN-NINA) – Iraq will voluntarily cut oil production by 220,000 barrels per day (bpd), between Jan and Mar, next year, the country’s oil ministry said in a statement, yesterday.
The measure was taken, in coordination with OPEC+ and its allies, to stabilise the global oil market, it added.
The ministry’s statement came, hours after OPEC+ oil producers yesterday agreed to voluntary output cuts of about two million bpd for early next year, to bolster the market.
On Apr 2, the ministry said, Iraq would voluntarily cut oil production by 211,000 bpd from May, until the end of this year.
Oil prices rose after the outbreak of the Russia-Ukraine conflict in Feb last year, benefiting oil-exporting countries, including Iraq. However, oil prices declined in the past few months, due to fears of lower demand in global markets.
Iraq’s economy relies heavily on crude oil exports, which account for more than 90 percent of its revenues.– NNN-NINA