Economy

Baghdad fully supports OPEC+ agreement, says oil minister

In accordance with the agreement, Iraq has agreed to immediately reduce its production to four million barrels per day (bpd), a decrease of 223,000 bpd.

Spindar Mohammed 2023/12/09 19:56

Gas flare burned off at an oil facility in southern oil-rich Basra province, March 3, 2016. (Photo: Hussein Faleh/AFP)

Iraq OPEC+ Hayyan Abdul Ghani Oil

ERBIL (Kurdistan 24) – Iraq's Oil Minister Hayyan Abdul Ghani on Saturday stated that Baghdad fully supports the OPEC+ agreement reached late last month.

The Iraqi Oil Ministry reports that the minister met with several Iraq’s State Organization for Marketing of Oil (SOMO) officials and stressed Iraq's support for OPEC+ decisions "as part of joint efforts to achieve balance and stability in the market for energy."

In accordance with the agreement, Iraq has agreed to immediately reduce its production to four million barrels per day (bpd), a decrease of 223,000 bpd.

The minister reiterated his country's support for the efforts of the OPEC+ alliance to maintain market stability.

OPEC on Dec. 9, officially confirmed that the total voluntary cut in crude oil production by the end of March 2024 will be 2.2 million barrels per day.

Created in 2016, OPEC+ is an extension of OPEC, and it comprises non-member states that associate with OPEC, including Russia, Kazakhstan, Azerbaijan, Mexico, and Oman, among others.