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Iraq reduces oil production by 3% after OPEC decision

January 5, 2019 at 11:48 am

Oil tankers seen at the Al-Basra Oil Terminal in Iraq, 16 May 2017 [Samuel W. Shavers/Wikipedia]

Iraq has announced it will reduce its oil production by three per cent, in line with OPEC’s decision to limit output.

Iraqi Oil Minister Thamer Al-Ghadban said yesterday that his country is committed to OPEC’s decision to reduce oil production by 1.2bn barrels per day (bpd), a decision which took effect at the start of 2019, Anadolu Agency reported.

In a statement, Al-Ghadban said that his country had therefore reduced output by 3 per cent, which is estimated at around 140,000 bpd.

On 7 December 7, OPEC decided to reduce oil production by 1.2bn bpd for a six-month period, starting from January 2019.

Al-Ghadban stressed that Iraq is keen to maintain production of 4,513 billion bpd during the coming six months –the total number minus 140,000 barrels.

He also hoped that this plan will achieve its goals and return stability to the world oil market, saying: “Iraq has played an important role, along with other producers, in reaching this deal.”

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