(MENAFN- Iraq Business News)
By John Lee.
Starting from January 1, 2024, Iraq will implement a voluntary additional reduction of 220,000 barrels per day (bpd) in coordination with some OPEC+ member countries.
This will bring Iraq's total oil production to 4 million barrels per day until the end of March 2024. Post that period, and to support market stability, the phased restoration of these additional reduction quantities will occur based on market conditions.
This voluntary reduction supplements the previously announced 211,000 barrels per day reduction by Iraq in April 2023, which will continue until the end of December 2024. The additional voluntary reduction aligns with OPEC+ efforts to proactively support the stability and balance of petroleum markets.
(Source: Ministry of Oil)
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