[size=36]Iraq begins to reduce oil production to the rates set in the OPEC agreement[/size]
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Deputy Prime Minister for Energy and Oil Minister Thamir Abbas Ghadhban oil formations of the ministry to reduce production rates to levels set within the agreement of the Organization of Petroleum Exporting Countries and allies with non-OPEC.
He also directed the oil minister, according to a ministry statement received (Mawazine News), a copy of "full commitment to the agreement to reduce production scheduled in December 2018 last year, under which Iraq is determined to produce 4 million and 513 thousand barrels per day, including production in the Kurdistan region."
"This action comes as a commitment and concern from Iraq to stabilize the world oil market and address the oil surplus in it, and work to restore the balance between supply and demand," the oil minister said during his attendance at the 177th ministerial meeting of the Organization of Petroleum Exporting Countries in Vienna.
Ghadhban added that "the ministers of oil exporting countries in the Organization of Petroleum Exporting Countries (OPEC) and its allies hope to reach a new agreement on Friday to achieve better stability of the global oil market and reduce the anxiety of producers and consumers alike because of the circumstances and challenges facing the oil market."
For his part, Oil Ministry spokesman Assem Jihad said that "the ministers of oil-exporting countries and their allies have held a series of lengthy marathon meetings over the past two days in order to reach a new agreement to reduce production, and that Iraq plays a pivotal role to bring the views of the members."
Jihad added that "the ministerial committee for production control has held its meeting on Thursday and reviewed and review reports and research on the situation of the oil market and the most important and most prominent challenges facing the global market and ratios of members commitment to the agreement to reduce production, and then followed the convening of the ministerial meeting of the Organization of Petroleum Exporting Countries (OPEC) session (177), while held on Friday the ministerial meeting of the Organization of Petroleum Exporting Countries (OPEC) and its allies from oil-producing countries outside of them, including Russia. "