Iraq to cut oil exports to 3.3 million barrels per day starting August 27

Shafaq News/ Iraq's Oil Ministry announced a reduction in the country's oil exports to 3.3 million barrels per day, effective August 27, 2024.

The ministry said, "The decision aligns with Iraq's commitment to the OPEC+ agreements and follows discussions during the recent visit of OPEC's Secretary-General to Baghdad."

The measure also includes a reduction in domestic oil consumption.

In an additional move, Iraq agreed to extend its voluntary production cut of 2.2 million barrels per day until the end of November 2024 in coordination with seven other OPEC+ member states.

According to the agreement, a gradual restoration of production will begin on December 1, 2024, continuing until November 2025, with the possibility of further adjustments if necessary.

"The decision aims to balance and stabilize the global oil market."