Iraq to stick to OPEC's voluntary oil production cuts, 20 MARCH

Iraq to stick to OPEC's voluntary oil production cuts

Shafaq News/ Iraq, OPEC's second-largest producer, will continue to adhere to the voluntary output cuts agreed upon by OPEC+ members, the Ministry of Oil announced, reiterating its commitment to the organization's efforts "to maintain stability and balance in the global oil market."

In a statement, the ministry said that despite reports of increased production from the Kurdistan region of Iraq, "which is not coordinated with the federal government," the country will continue to limit its exports to 3.3 million barrels per day (bpd) for the coming months.

"This is in order to absorb the increase in production that occurred in January and February," it said. "The ministry is coordinating with secondary sources to ensure that this information is reflected in their reports on OPEC+ production levels for the coming period." 

Iraq announced in February that it would assess its production levels and take measures to address any surplus output exceeding its agreed cuts under the OPEC+ agreement.

The OPEC+ voluntary cuts, currently extended until June, are part of a series of measures implemented by the group since late 2022. These measures aim to bolster the market as concerns over weak economic growth are anticipated to constrain oil demand, especially with increased supply from producers outside the OPEC+ alliance.

https://shafaq.com/en/Economy/Iraq-to-stick-to-OPEC-s-voluntary-oil-production-cuts