Iraq cuts oil exports to 3.3 million barrels per day

Since August 27, Iraq has reduced oil exports to 3.3 million barrels per day in accordance with the decisions of the OPEC + alliance. An additional reduction in oil production by 2.2 million barrels per day will last until the end of November, says Iraqi Oil Ministry, News.Az reports

“In line with Iraq’s commitments to the OPEC+ group and following the recent visit of the OPEC Secretary General to Baghdad , we confirm that oil exports have been reduced to 3.3 million barrels per day from August 27, 2024,” the official statement said.

The ministry noted that “in addition to the reduction in domestic consumption, this reduction in exports will continue in the coming months to comply with the established quota and compensate for the additional volumes of oil produced earlier.”

In addition, as the ministry specified, “Iraq has agreed with the other seven OPEC+ countries to extend the additional cut by 2.2 million barrels per day until the end of November 2024. From December 1, 2024, a gradual return to the previous production level is planned until November 2025, with the possibility of revising these measures if necessary.”

News.Az