Fulfilling its commitment in OPEC+, Iraq confirmed to do this

Iraq's economy is heavily dependent on crude oil exports, which account for about 90% of the country's revenue.

Workers work at an oil facility in Basra, Iraq. (Source: AFP)

According to THX , Iraq's Oil Ministry said on November 1 that the country has reduced oil production and cut crude oil exports to 3.3 million barrels per day, in line with the country's commitment to the OPEC+ oil production cut agreement.

"We confirm that Iraq has reduced oil production and reduced exports to 3.3 million barrels per day, along with restrictions on domestic consumption," the ministry said in a statement.

According to official figures, Iraq's daily oil exports at the beginning of this year were around 3.43 million barrels.

The cuts will continue in the coming months to ensure production stays within the OPEC+ quota and to correct overshoots in previous months, the statement said.

Iraq's Oil Ministry stressed that the production and export cuts are aimed at supporting balance and stability in the global crude oil market.

Iraq's economy is heavily dependent on crude oil exports, which account for about 90% of the country's revenue.

On October 30, Reuters reported that OPEC+ may delay its planned increase in oil production in December by a month or more, citing concerns about weak oil demand and rising supply.

OPEC+ was scheduled to increase production by 180,000 barrels per day in December, and the group has delayed the increase since last October due to falling prices.

However, prices remained under pressure partly due to weak demand, raising concerns within the group about additional supply. A decision to delay the production increase could come as early as next week, two sources said.

OPEC's media office and the Saudi government did not immediately respond to requests for comment.

The office of Russian Deputy Prime Minister Alexander Novak declined to comment. Mr. Novak said this month that it was too early to judge whether the market needed more oil.

The planned increase of 180,000 barrels per day is just a fraction of the 5.86 million barrels per day that OPEC+ is cutting, or about 5.7% of global demand. The group has agreed to cut in separate steps starting in 2022 to support the market.

OPEC+ ministers will meet as a whole group to decide policy on December 1.

Source: https://baoquocte.vn/thuc-hien-dung-cam-ket-trong-opec-iraq-xac-nhan-lam-dieu-nay-292272.html