Iraq will reduce its crude oil exports to 3.3 million barrels

Iraq will reduce its crude oil exports to 3.3 million barrels per day in the coming months to offset any increase recorded in January and February, the Iraqi Ministry of Oil said in a statement on Monday. /p>

The ministry explained that it took this decision because it is committed to the voluntary reduction agreed in the Organization of the Petroleum Exporting Countries and its allies (OPEC Plus).

In addition to Iraq, Saudi Arabia, the United Arab Emirates, Kuwait, Russia and Kazakhstan agreed to voluntarily cut oil production to boost global prices.

OPEC+ members, who had voluntarily reduced oil production in the first quarter of this year, agreed to extend this reduction until the second quarter. Last November, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, led by Russia, agreed to voluntarily cut production by a total of about 2.2 million barrels per day in the first quarter, including Saudi Arabia. .

OPEC+ has been implementing a series of output cuts since late 2022 to support the market amid rising output from the US and other non-member producers and worries about demand as major economies grapple with a high interest rate crisis. Later, Saudi Arabia, Russia, Kuwait and Algeria announced the extension of their voluntary oil production cuts for another 3 months until June 2024.