Insight Iraq

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Iraq

Iraq to adjust for Oil Over-Production

By John Lee.

The Iraqi Ministry of Oil has reiterated its commitment to voluntary creation cuts in assistance of initiatives by OPEC+ member states to retain balance and equilibrium in the oil market.

Even with reviews of regional creation outside of coordination and agreement with the federal governing administration, the Ministry states it has taken proactive measures to deal with this difficulty.

The Ministry of Oil has announced a reduction in oil exports to an average of 3.3 million barrels per day (bpd) for the coming months, aimed at absorbing the latest increase in Iraq’s output recorded in January and February.

Coordination is underway with secondary resources to guarantee this reduction is mirrored in their experiences on OPEC+ creation rates for the approaching period.

(Source: Ministry of Oil)