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Iraq begins reducing 23% of crude oil production

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

On Friday Iraq announced the start of implementing the decision of OPEC+ to reduce crude oil production by 23 per cent, aiming to stabilise prices in the international markets, DPA International reported.

Sources in Basra Oil Company confirmed that it had started the reduction plan on 1 May in its oil fields.

"This measure proves full commitment of Iraq to OPEC+'s decision to reduce the production of crude oil in order to contain the crisis of low oil prices in the international market," the company announced.

According to the sources, DPA International reported that the company is currently producing three million barrels per day.

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IraqMiddle EastNewsOPEC
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