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June 5, 2020

Iraq to further reduce oil output

By MEED   

Iraq plans to further reduce oil production, according to a statement released by acting Oil Minister Ali Allawi.

On Twitter he said: “Despite Iraq’s severe financial constraints, we’re addressing technical issues that will allow us to further reduce oil output.”

He added: “We remain committed to the Opec+ deal, and to doing our part towards ensuring a stable and secure global energy market.”

Opec and its allies such as Russia are scheduled to decide later this month whether to extend the record oil cuts they approved in April.

Iraq has struggled to comply with previous output reduction agreements.

Iraq’s oil exports, excluding those from the semi-autonomous Kurdish region, fell 6.6 per cent in May, according to figures released by the country’s Oil Ministry.

Iraq needs to reduce its total output, which includes the Kurdish region, by 23% in order to comply with the latest Opec+ deal.

As part of the Opec+ deal, Iraq needs to cut around 1 million barrels a day (b/d) of its production.

Production stood at 4.585 million b/d in March 2020, according to Opec’s secondary sources in its Monthly Oil Market Report.

This article is published by MEED, the world’s leading source of business intelligence about the Middle East. MEED provides exclusive news, data and analysis on the Middle East every day. For access to MEED’s Middle East business intelligence, subscribe here.

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