Iraq supports the "OPEC+" agreement and announces a "voluntary reduction" for 3 months - 12/08/2023

[ronscarpa]

Iraq supports the "OPEC+" agreement and announces a "voluntary reduction" for 3 months

EconomyIraqOil ProductionReduce Production

 

2023-12-07 // 10:19

 

Shafaq News / Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayyan Abdul Ghani, announced on Thursday, Iraq’s full support for the OPEC+ agreement and decisions that were taken late last month regarding reducing production.

 

Abdul Ghani said while chairing a meeting of the Iraqi Oil Marketing Company "SOMO", according to a statement received by Shafaq News Agency, that Iraq is committed to an additional voluntary reduction in oil production by an amount of up to 220 thousand barrels per day, starting from January 1, 2024 until March 31. / March 2024.

 

He stressed that "Iraq's decision comes within the framework of joint efforts to achieve balance and stability in oil markets, as Iraq will, in accordance with the reduction program, reduce its production to four million barrels per day during the announced period," expressing his appreciation for the preventive measures taken by the "OPEC +" group in order to preserve balance and stability. Oil market.

 

For his part, Director General of SOMO, Ammar Al-Anbaki, confirmed that “Iraq, as the second largest producer of crude oil in OPEC, will continue to support the efforts of the organization and its allies, within the framework of the declaration of cooperation with (OPEC+), in line with developments in the market.” "oil."

 

He added, "The OPEC+ agreement, and the voluntary reduction decisions of OPEC and non-OPEC producing countries, aim to confront the challenges and changes facing the oil market and reduce their effects on its stability."

https://shafaq.com/ar/اقتصـاد/العراق-يدعم-اتفاق-وبك-ويعلن-خفضا-طوعيا-لـ3-اشهر

[YukonJohn]

Thanks Ron,

Wasn't it just last year that Iraq was supplying the market with as much as they could produce, regardless of OPEC suppressing the output. 

Now they're playing teamwork. 

Good progress 

Go high oil prices 

Go larger reserves

Go RV!