BAGHDAD, Mac 4 (NNN-NINA) – Iraq will extend a voluntary oil production cut by 220,000 barrels per day into the second quarter of 2024, Iraqi official news agency said, yesterday.
The decision was made as part of an agreement among the Organisation of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, to stabilise the global market, a statement by the country’s oil ministry, said.
Iraq’s crude oil production will be four million barrels per day until the end of Jun, this year. The production cut will be phased out later gradually according to market conditions.
The statement noted that, “this voluntary cut is in addition to the voluntary reduction of 211,000 barrels per day previously announced by Iraq in Apr, last year, which will continue until the end of Dec, this year.”– NNN-NINA
