Iraq renews commitment to OPEC+ oil output cuts deal

Iraq's oil ministry renewed on Thursday its commitment to voluntary oil production cuts, within the framework of OPEC+ decision aiming to achieve stability at global oil markets. In a statement, the ministry said it took real and tangible steps to reduce oil output levels, along with compensating the quantities exceeded the levels approved over the last months. It noted that it submitted an updated compensation plan to the OPEC Secretariat that includes all details and measures to be taken to ensure Iraq's full commitments to the organization. The move comes in light of Iraq's keenness on baking joint efforts made by the OPEC+ to achieve balance and stability at global oil markets, and maintain the interests of both producers and consumers of oil, it pointed out. Earlier, Iraq announced it would extend its voluntary oil production cut of 220,000 barrels daily until June; the second voluntary cut approved by Baghdad after the first cut of 210,000 barrels a day took place in April 2023 and will continue un til December. Source: Kuwait News Agency