Baghdad (IraqiNews.com) – Iraq and seven OPEC+ countries said Monday they will continue their oil output restrictions until the end of December.
Iraq, Russia, Saudi Arabia, the UAE, Kuwait, Kazakhstan, Algeria, and Oman said in a statement that they had decided to extend their voluntary production cuts of 2.2 million barrels per day for one more month.
The step that aims to maintain the global oil market follows Iraq’s recent announcement that it reduced its oil production to 3.3 million barrels per day in line with its commitment to the OPEC+ agreement.
Iraq’s action reflects its dedication to strengthening the OPEC+ group’s cooperative efforts to maintain oil market stability and safeguard the interests of oil producers and consumers.
The Iraqi Oil Ministry said in a statement that the current reduction will continue over the coming months to ensure that production remains within the limits agreed upon and compensate for the surplus produced in the past months.
Iraq’s oil production in September reached 3.94 million barrels per day, less than the almost four million barrels per day limit set by OPEC+.
In August, OPEC said that it had received revised proposals from Kazakhstan and Iraq to compensate for their overproduction amounts for the first seven months of 2024.
In late 2022, OPEC and other producers, including Russia, started a series of output cuts to keep the market open, most of which will last until the end of 2025.
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