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[size=36]Oil: We will extend the voluntary reduction until the second quarter of this year[/size]
Economy | 07:54 - 03/03/2024
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Mawazine News - Baghdad
The Ministry of Oil announced today, Sunday, the extension of the voluntary reduction into the second quarter of this year.
The ministry stated in a statement received by Mawazine News, that “Iraq will extend its voluntary reduction, which amounts to 220 thousand barrels per day, for the second quarter of the current year, in coordination with some countries participating in the OPEC Plus agreement, and thus Iraq’s production will be 4 million barrels per day, until... End of June 2024. After that, in support of market stability, “these additional reduction amounts will be restored gradually and according to market conditions.”
She added, "This voluntary reduction is in addition to the voluntary reduction of 211,000 barrels per day, which Iraq previously announced in April 2023, and which will continue until the end of December 2024," noting that "this additional voluntary reduction comes to enhance the precautionary efforts being made by Iraq." OPEC Plus countries with the aim of supporting the stability and balance of crude oil markets.”
The ministry stated in a statement received by Mawazine News, that “Iraq will extend its voluntary reduction, which amounts to 220 thousand barrels per day, for the second quarter of the current year, in coordination with some countries participating in the OPEC Plus agreement, and thus Iraq’s production will be 4 million barrels per day, until... End of June 2024. After that, in support of market stability, “these additional reduction amounts will be restored gradually and according to market conditions.”
She added, "This voluntary reduction is in addition to the voluntary reduction of 211,000 barrels per day, which Iraq previously announced in April 2023, and which will continue until the end of December 2024," noting that "this additional voluntary reduction comes to enhance the precautionary efforts being made by Iraq." OPEC Plus countries with the aim of supporting the stability and balance of crude oil markets.”
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