Iraq extends daily oil production cut until end of 2024

Baghdad (IraqiNews.com) – The Iraqi Minister of Oil, Hayan Abdul-Ghani, announced that Iraq decided to extend the oil production cut of 211,000 barrels per day until December 2024 as a necessary protective measure, in coordination with member states in the OPEC+ agreement.

Abdul-Ghani indicated that countries taking part in the OPEC+ agreement announced last April that they were intending to reduce oil production, according to a statement issued by the Ministry of Oil.

Member countries in OPEC+ agreed on a voluntary oil production cut during their 35th ministerial meeting held on Sunday in the Austrian capital, Vienna.

Russia’s Minister of Energy revealed his country’s intention to extend its voluntary oil production cut of 500,000 barrels per day until December 2024.

The OPEC+ alliance approved reducing the level of oil production to 40.46 million barrels per day, starting in 2024.

Saudi Arabia will make a deep cut to its output in July on top of a broader OPEC+ deal to limit supply into 2024 as the group seeks to boost flagging oil prices, according to Reuters.