Iraq to continue oil production cuts until the end of 2025
The logo of OPEC. Photo: AFP
Baghdad (IraqiNews.com) – Iraq and other OPEC+ member states decided on Sunday to extend the additional voluntary cuts of 1.65 million barrels per day until the end of December 2025.
Iraq, Saudi Arabia, Russia, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, which announced voluntary cuts in April 2023 and November 2023, held a meeting in the Saudi capital, Riyadh, on the sidelines of the 37th OPEC and non-OPEC Ministerial Meeting (ONOMM).
The meeting was held to enhance the measures taken by the OPEC+ countries to support the stability of oil markets.
In order to support market stability, these countries will also extend the 2.2 million barrels per day voluntary cut that was first announced in November 2023 until the end of September 2024.
After that, the 2.2 million barrels per day cut will be progressively eliminated on a monthly basis through the end of September 2025.
This monthly rise may be stopped or canceled, depending on the state of the market.
The 52nd meeting of the Joint Ministerial Monitoring Committee (JMMC) requested Iraq, Russia, and Kazakhstan to achieve full compliance and resubmit their updated compensation schedule to the OPEC secretariat for the overproduced volumes since January 2024 by the end of June 2024.