Economy

Iraq reaffirms its commitment to OPEC+ oil production cuts

In a statement released by the Iraqi News Agency, the Iraqi Oil Ministry announced that the Republic of Iraq will extend its voluntary reduction of 211,000 barrels per day until Dec. 2024, in coordination with OPEC+.

Kurdistan 24 2023/06/04 22:52

Police officers stand guard at the headquarters of the Organization of Petroleum Exporting Countries (OPEC) in Vienna, June 3, 2023. (Photo: Joe Klamar/ AFP)

Iraq OPEC+ Saudi Arabia Iraq oil prices Prince Abdulaziz bin Salman

ERBIL (Kurdistan 24) – Iraq reaffirmed its commitment to voluntary oil production cuts, approved by the Organization of Petroleum Exporting Countries (OPEC) and its allies (collectively known as “OPEC+”) last April, extending voluntary shipments until the end of 2024.

“These voluntary reductions will be based on the required production levels, as agreed at the 35th OPEC+ Ministerial Meeting on June 4, 2023,” the statement added.

Saudi Arabia announced on Sunday that it will cut oil production by one million barrels per day to prop up prices, despite fears of a recession.

Saudi Arabia's announcement followed a meeting of the 13 countries comprising OPEC, including its 10 partners led by Russia.

Prince Abdulaziz bin Salman, Saudi Arabia’s Minister of Energy, told reporters the cuts will last until July, but "can be extended."

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