Iraq to cut oil exports to 3.3 million barrels per day starting August 27
Shafaq News/Iraq's Oil Ministry announced a reduction in the country's oil exports to 3.3million barrels per day, effective August 27, 2024.
The ministrysaid, "The decision aligns with Iraq's commitment to the OPEC+ agreementsand follows discussions during the recent visit of OPEC's Secretary-General toBaghdad."
The measurealso includes a reduction in domestic oil consumption.
In anadditional move, Iraq agreed to extend its voluntary production cut of 2.2million barrels per day until the end of November 2024 in coordination withseven other OPEC+ member states.
According tothe agreement, a gradual restoration of production will begin on December 1,2024, continuing until November 2025, with the possibility of furtheradjustments if necessary.
"The decisionaims to balance and stabilize the global oil market."
