Iraq decides to voluntarily reduce production by 211 thousand bpd

Economy

2-04-2023, 17:37

+A -A

Baghdad-INA
The Ministry of Oil announced on Sunday, that it decided to reduce voluntary production by 211 thousand barrels per day (bpd), starting from next May until the end of this year.

The ministry stated, in a statement received by the Iraqi News Agency (INA): "We decided to reduce voluntary production at a rate of 211 thousand bpd, starting from next May until the end of 2023."

It indicated that "with the aim of taking precautionary measures to meet the challenges facing the global oil market, and to achieve a balance between supply and demand and market stability."

It noted that "in coordination with some oil-producing countries, and in a way that does not contradict the previous reduction policy."