Iraq's share of reduction following OPEC+ decision, SOMO

INA - BAGHDAD 

National Oil Marketing Company - SOMO revealed on Wednesday, Iraq's share of the OPEC Plus decision to reduce production.
 
OPEC + decision was taken today. “it will prevent the continued decline in oil prices and contribute to the rise, especially since it lost 35% of value in recent days and months," said the Director-General of SOMO, Alaa Al-Yasiri to the Iraqi News Agency – INA.
 
He added, "If a decision is not issued to reduce production, this will lead to a continuous decline that may bring prices to 50 dollars per barrel," noting that "Iraq's share of the reduction will be 220 thousand barrels per day."
 
Earlier, OPEC + announced in an official statement the agreement to reduce oil production by about two million barrels, starting next November.
 
In the statement, OPEC + said that the reduction agreement, which it called ‘Extension of the Declaration of Cooperation’ will continue throughout 2023, provided that OPEC + Ministerial Monitoring Committee meets every two months to follow up on market updates.