Iraq renews its support for the OPEC Plus agreement and commitment to voluntary cuts

Baghdad - INA

Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul Ghani renewed, today, Thursday, Iraq’s full support for the OPEC+ agreement and decisions that were taken on November 30, 2023.

The Ministry of Oil stated in a statement received by the Iraqi News Agency (INA), that “Abdul Ghani chaired a meeting that included a number of officials from the Iraqi Oil Marketing Company SOMO, and stressed that Iraq’s support for the agreement comes within the framework of joint efforts to achieve balance and stability in oil markets.”.

He added, "Iraq will, in accordance with the reduction program, reduce its production to (4 million barrels per day) during the announced period, starting from the first of January 2024 until the following March 31," expressing his appreciation for the preventive measures taken by the (OPEC+) group, in order to preserve Balance and stability of the oil market.”.

For his part, the Director General of the Iraqi Oil Marketing Company, Ammar Al-Anbuki, confirmed, according to the statement, that “Iraq, as the second largest producer of crude oil in OPEC, will continue to support the efforts of the organization and its allies, within the framework of the Declaration of Cooperation in (OPEC+), In line with developments in the oil market.”.

Al-Anbuki added, “The (OPEC+) agreement and the voluntary reduction decisions of OPEC and non-OPEC producing countries aim to confront the challenges and changes facing the oil market and reduce their effects on its stability.”