Iraq reduces its oil exports to 3.3 million barrels per day

Economy

1-11-2024, 20:45

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Baghdad-INA
The Ministry of Oil announced today, Friday, that Iraq has reduced its production and downsizing its oil exports to 3.3 million barrels per day.

The ministry stated in a statement received by the Iraqi News Agency (INA), that "in line with the Republic of Iraq's commitment to the decisions of OPEC and allied countries within the Joint Cooperation Agreement (DoC) regarding the voluntary reduction of oil production, we confirm that Iraq has reduced its production and reduced its oil exports to 3.3 million barrels per day, in addition to reducing local consumption."

According to the statement "This reduction will continue during the coming months to ensure that production remains within the agreed limits, and to compensate for the surplus produced in the past months," stressing that "this measure aims to enhance balance and stability in global oil markets."