Tuesday, March 19, 2024

Oil Announces Its Commitment To Voluntarily Reduce Exports, 19 MARCH

 Oil Announces Its Commitment To Voluntarily Reduce Exports

Energy   Economy News – Baghdad   On Monday, the Ministry of Oil announced its commitment to voluntarily reduce exports.

The ministry said in a statement, seen by Al-Iqtisad News, that “in confirmation of Iraq’s positions in support of the initiatives of the OPEC+ member states to maintain stability and balance in the oil market, the Iraqi Ministry of Oil confirms its commitment to the agreed upon voluntary reduction.”

She added, "Despite the reports received regarding the region's production outside of coordination and agreement with the federal government, and in order to address this, the Ministry of Oil took the initiative to reduce oil exports for the coming months to absorb the increase recorded in Iraq for the past months of January and February."

She pointed out that "coordination is being done with secondary sources to confirm this in their reports issued regarding the production rates of OPEC+ countries for the coming period."

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