Iraq announces a reduction in its oil exports to 3.3 million barrels per day

The Ministry of Oil announced, on Thursday, a reduction in the country's oil exports to 3.3 million barrels per day, starting from August 27. A statement by the Ministry revealed that the decision came within the framework of Iraq's commitment to the decisions of the OPEC Plus group and in line with what was agreed upon during the recent visit of the OPEC Secretary-General to Baghdad. "The decision also includes reducing domestic oil consumption." In an additional step, according to the statement, Iraq agreed to extend the additional production cut of 2.2 million barrels per day until the end of November 2024 in cooperation with the other seven member states of the OPEC Plus group. " According to the agreement, the gradual return to production will begin from December 1, 2024 and will continue until November 2025, with the possibility of amending these amendments as necessary." According to the statement, this measure aims to achieve balance and stability in the global oil market. Source: National Iraq i News Agency