Baghdad, (Samajweekly) Iraq will voluntarily cut oil production by 211,000 barrels per day (bpd) from May until the end of this year, the country’s Oil Ministry said in a statement.
The move is a “precautionary measure” taken in coordination with some countries of OPEC+, the Organisation of the Petroleum Exporting Countries (OPEC) and its allies, to stabilise the global oil market, it added on Sunday.
Ministry data show that Iraq is producing more than 4.5 million bpd, Xinhua news agency reported.
Oil prices have risen since the outbreak of the Russia-Ukraine war in February last year, benefiting oil-exporting countries, including Iraq. However, oil prices declined in the past few months due to fears of lower demand in global markets.
Iraq’s economy relies heavily on crude oil exports, which account for more than 90 per cent of the its revenue.
