Iraq has reduced its oil exports to 3.3 million barrels per day in line with the decisions of the OPEC+ alliance since August 27. An additional reduction of 2.2 million barrels per day in oil production will continue until the end of November, it writes RIA Novosti Referring to the website of the Iraqi Ministry of Oil.
“In accordance with Iraq’s commitments to the OPEC+ group and as a result of the OPEC Secretary General’s recent visit to Baghdad, we confirm that oil exports have been reduced to 3.3 million barrels per day, effective from August 27, 2024,” the official statement said.
The ministry noted that “in addition to the decrease in domestic consumption, this decrease in exports will continue in the coming months in order to comply with the set quota and compensate for the additional oil volumes produced earlier.”
In addition, as the ministry explained, “Iraq has agreed with seven other OPEC+ countries to extend the additional cut of 2.2 million barrels per day until the end of November 2024. It is planned to gradually return to the previous production level from December 1, 2024 until November 2025, with the possibility of revising these measures if necessary.”
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Source: Gazeta
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