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

The decision on output levels by the end of 2025 taken by OPEC+ last week positively influences the oil market and supports its stability, Russian Deputy Prime Minister Alexander Novak said at the St. Petersburg International Economic Forum (SPIEF).

Oil prices fell on Friday and posted a weekly loss as investors awaited an OPEC+ meeting on Sunday that will determine the fate of the producer group's output cuts.