Shafaq News/ In a significant decision that mirrors the global trend of controlled oil production, Hayan Abdul Ghani, the Minister of Oil, on Sunday announced that Iraq will continue its voluntary reduction in oil production until the end of 2024.

Abdul Ghani revealed in a statement today that Iraq will reduce its daily production by 211,000 barrels. This reduction is in sync with the agreement reached by countries participating in the OPEC+ alliance, which includes members of the Organization of Petroleum Exporting Countries (OPEC) and non-member countries led by Russia.

"This cut will be from the production level required as agreed upon in the meeting of OPEC member countries' ministers," said Abdul Ghani.

An official statement released earlier by OPEC detailed that the OPEC+ has agreed on a new production target of 40.46 million barrels per day, starting from 2024 until its conclusion at the end of the year.

According to data by Reuters, this means the OPEC+ alliance will reduce its oil production for the year 2024 by about 1.4 million barrels per day, compared with current production levels.