Iraq’s Oil Ministry has announced a significant reduction in the country’s oil exports, now set at 3.3 million barrels per day. This move aligns with Iraq’s commitments under the OPEC+ agreement aimed at managing global oil production levels.
In a statement released on Friday, the ministry confirmed that the reduction in production and exports is part of a broader effort to adhere to the output quotas established by OPEC+. Earlier this year, Iraq’s daily oil exports were approximately 3.43 million barrels, indicating a clear decrease as the country works to meet its designated limits.
The ministry also noted that this reduction is necessary not only to stay within the quota but also to address previous overproduction. The aim is to foster balance and stability in the global crude oil market, which is crucial for maintaining fair prices.
Oil exports play a vital role in Iraq’s economy, accounting for around 90% of the nation’s revenue. The Oil Ministry emphasized that these cuts are essential for supporting the overall health of both Iraq’s economy and the international oil market.
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