Baghdad: Iraq’s Oil Ministry said that the country has reduced its oil production and cut its crude exports to 3.3 million barrels per day, in line with its commitment to the OPEC+ agreement on output cuts.
“We confirm that Iraq has lowered its oil production and reduced its exports to 3.3 million barrels per day, along with limiting domestic consumption,” the ministry said in a statement on Friday.
According to official data, the country’s daily oil export volume was approximately 3.43 million barrels earlier this year, reports Xinhua news agency.
The statement said the reduction will continue in the coming months to ensure output is within Iraq’s OPEC+ specified quota and to compensate for exceeding the quota during previous months.
The statement stressed that the cut in production and exports is aimed at supporting balance and stability in the global crude oil market.
Iraq’s economy heavily relies on crude oil exports, which account for about 90 per cent of the country’s revenues.
–IANS
Comments are closed.