Iraq Reduces Oil Production and Exports to 3.3 Million Barrels per Day
Iraq’s Oil Ministry has announced that the country has reduced its oil production and cut its crude exports to 3.3 million barrels per day, in line with its commitment to the OPEC+ agreement on output cuts.
Statement from the Oil Ministry
"We confirm that Iraq has lowered its oil production and reduced its exports to 3.3 million barrels per day, along with limiting domestic consumption," the ministry said in a statement.
Background: Oil Exports
According to official data, the country’s daily oil export volume was approximately 3.43 million barrels earlier this year. The reduction will continue in the coming months to ensure output is within Iraq’s OPEC+ specified quota and to compensate for exceeding the quota during previous months.
Economic Impact
The cut in production and exports is aimed at supporting balance and stability in the global crude oil market. Iraq’s economy heavily relies on crude oil exports, which account for about 90 per cent of the country’s revenues.
OPEC+ Agreement
The OPEC+ agreement is a cooperation deal between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil-producing countries to stabilize the global oil market.
Conclusion
In conclusion, Iraq’s reduction in oil production and exports to 3.3 million barrels per day is a significant step towards supporting balance and stability in the global crude oil market. The country’s economy relies heavily on oil exports, and this move is aimed at ensuring a more stable and balanced market.
Frequently Asked Questions
Q: What is the new daily oil export volume of Iraq?
A: 3.3 million barrels per day
Q: What is the purpose of the reduction in oil production and exports?
A: To support balance and stability in the global crude oil market
Q: What percentage of Iraq’s revenues come from crude oil exports?
A: 90%
Q: What is the OPEC+ agreement?
A: A cooperation deal between OPEC and non-OPEC oil-producing countries to stabilize the global oil market