Iraq will extend its voluntary cut for the second quarter of 2024,Oil Ministry says

Local

3-03-2024, 20:24

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INA - BAGHDAD

Iraq will extend its additional voluntary cut of 220 thousand barrels per day, for the second quarter of 2024, in coordination with some OPEC+ participating countries. Therefore, Iraq’s production will be 4 million barrels per day until the end of June 2024. Afterwards, in order to support market stability, these additional cut volumes will be returned gradually subject to market conditions.

This voluntary cut is in addition to the voluntary cut of 211 thousand barrels per day previously announced by the Iraq in April 2023, which extends until the end of December 2024, according to a statement by the Ministry of Oil, received by the Iraqi News Agency - INA.

This additional voluntary cut comes to reinforce the precautionary efforts made by OPEC Plus countries with the aim of supporting the stability and balance of oil markets.