Iraq commits to voluntary reduction of oil exports
The West Qurna oil field near Basra, in southern Iraq. Photo: AP
Baghdad (IraqiNews.com) – The Iraqi Oil Ministry said on Monday that it will reduce the country’s crude oil exports to 3.3 million barrels per day in the coming months.
The step comes to compensate for any increase recorded in January and February above its quota determined under the OPEC+ alliance agreements, according to the Iraqi News Agency (INA).
The Oil Ministry added in a statement that Iraq is committed to the voluntary reduction agreed upon with OPEC+ and is coordinating with secondary sources to reveal export restrictions in the upcoming reports of OPEC+.
The Iraqi Ministry of Oil said in early March that the country’s oil exports were 3.43 million barrels per day in February, while the total exports of crude oil were 99,592,311 barrels.
Iraq’s total exports of crude oil during January were slightly more than 103.5 million barrels, with revenues reaching $8,025,616.
Iraq is the second-largest producer of crude oil in OPEC after Saudi Arabia, with an average daily production of 4.6 million barrels per day under normal conditions.
The country relies on revenues generated from oil exports to provide around 90 percent of the state’s budget.