Iraq cuts exports and oil production under "OPEC +" agreements

Iraqi Oil Minister Thamer Ghadhban said his country has cut its oil exports by 220,000 barrels per day (bpd) from February, saying it will cut production further in April.

"We plan to increase the reduction in April, regardless of the oil fields we are talking about, but this reduction will be part of the projects in which the national company is operating, as well as its service contracts," he said. Mr. Ghadban. 220,000 barrels a day … compared to February ".

OPEC and a number of non-OPEC oil producers agreed in December 2018 to cut production by 1.2 million bpd from October 2018.

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OPEC countries must reduce their production by 812,000 barrels a day, while the other 10 participants reduce their production by 383,000 barrels a day.

In particular, Russia, which is not a member of OPEC, is committed to reducing its production by 228,000 barrels per day (bpd) as part of the agreement designed until the first half of 2019, with the possibility of revising it in April of the same year.

A meeting of the Technical Observation Committee of the Azerbaijani capital, Baku, was held on March 17 to provide OPEC Ministers with an analysis of the current market and its options for developing and implementing scenarios. specific.

On 18 March, the OPEC + Ministerial Oversight Committee will bring together ministers from six countries: Russia, Saudi Arabia, Kuwait, Venezuela, Algeria and Oman.

The Committee examines the market development scenarios and, on the basis of this analysis, makes recommendations to the OPEC countries on the measures to be taken.

Source: TASS