OPEC Decides To Increase Iraq's Share Of Oil Production Until The End Of This Year, 4 march

 OPEC Decides To Increase Iraq's Share Of Oil Production Until The End Of This Year

Tuesday 04 March 2025 | Economic Number of readings: 200 Baghdad / NINA / The OPEC+ alliance countries agreed today, Tuesday, to increase Iraq's share of oil production to reach four million and 110 thousand barrels per day by the end of this year.

The group of eight member countries of the OPEC+ alliance, namely Iraq, Saudi Arabia, Russia, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, called for a review of global market conditions and future expectations.

The alliance countries agreed to renew their commitment to the return of the voluntary reduced quantities of crude oil production, which were previously announced in April and November 2023, by the beginning of next month.

According to the agreement, Iraq's share for next April will increase by 12 thousand barrels, so that production will be 4.012 million barrels per day, and in May it will increase by 12 thousand barrels as well, so that production will be 4.024 million barrels per day, and in December it will reach 4.110 million barrels per day.

Iraq's share will rise in September and until December 2026 to more than 4.220 million barrels per day.

It is noteworthy that the OPEC+ alliance is implementing an official cut of two million barrels per day, which are scheduled to be extended until the end of next year 2026.

In April 2023, the OPEC+ alliance announced a voluntary cut of 1.65 million barrels per day, which is scheduled to continue until the end of next year, while the alliance announced another cut of 2.2 million barrels per day in November 2023, which will continue until the end of this March. / End https://ninanews.com/Website/News/Details?key=1189940