Iraq committed to voluntary reduction in oil production, Minister says

Shafaq News / Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayan Abdul Ghani, announced on Thursday Iraq's complete endorsement of the OPEC+ group's agreement and decisions made last month regarding production cuts.

Abdul Ghani, presiding over a meeting at the Iraqi Oil Marketing Company (SOMO), stated according to a statement that Iraq is committed to a voluntary additional reduction in oil production of up to 220,000 barrels per day, effective from the 1st of January 2024 until the 31st of March 2024.

He affirmed, "Iraq's decision aligns with joint efforts to achieve equilibrium and stability in the oil markets. According to the reduction program, Iraq will decrease its production to four million barrels per day during the specified period."

He also expressed appreciation for the precautionary measures taken by the OPEC+ group to preserve the balance and stability of the oil market.

On his part, the Director General of SOMO, Ammar al-Ankabi, confirmed, "Iraq, being the second-largest crude oil producer in the OPEC organization, will remain supportive of the organization and its allies, in line with the declared cooperation with OPEC+, in accordance with developments in the oil market."

"The OPEC+ agreement and the voluntary reduction decisions by producing countries within OPEC and outside it aim to address challenges and changes in the oil market, minimizing their impact on its stability", he added.