Iraq announces additional oil output cut for Q1 2024

  • World
  • Friday, 01 Dec 2023

BAGHDAD, Nov. 30 (Xinhua) -- Iraq will voluntarily cut oil production by 220,000 barrels per day (bpd) between January and March 2024, the country's oil ministry said in a statement on Thursday.

The measure was taken in coordination with OPEC+ and its allies to stabilize the global oil market, it added.

The ministry statement came hours after OPEC+ oil producers on Thursday agreed to voluntary output cuts of about 2 million bpd for early next year to bolster the market.

On April 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 February 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.

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