Iraqi Oil Minister Hayan Abdul Ghani announced that his country will extend a voluntary cut in oil production by 211,000 barrels per day until the end of December 2024 as a precautionary measure and in coordination with countries participating in the OPEC+ agreement.
The statement of the Iraqi minister indicated that the countries participating in the OPEC + agreement earlier, in turn, announced voluntary cuts in April last year.
Thus, the minister added in a statement, this voluntary cut will come from the required level of production agreed at the 35th Ministerial Meeting of the OPEC+ group of countries on June 4, 2023.
In the same context, Russian Deputy Prime Minister and Energy Minister Alexander Novak said today, Sunday, that Russia intends to extend its voluntary cut in oil production of 500,000 barrels per day until the end of December 2024 as a precautionary measure. measure indicating that an agreement has been reached to reduce the required level of production At the 35th OPEC+ Ministerial Meeting on June 4, 2023
Novak noted during his participation in the OPEC+ meeting in Vienna, Austria, that the OPEC+ alliance has approved a reduction in total oil production to 40.46 million barrels per day, starting in 2024. , while Russia should cut production to 9.928 million barrels per day.