Iraq: OPEC + agreement will help support prices

Shafaq News / The Iraqi Minister of Oil, Thamer Al-Ghadban announced on Monday an agreement to reduce oil production that will help reduce stocks and support prices.

Iraq welcomed the results of the OPEC + meeting, which reached the commitment of the members of the group to a historic cut in production to support oil prices, amounting to approximately 10 million barrels per day, in addition to a reduction by producing countries outside the group, most notably America and Canada.

The group, known as OPEC +, said it has agreed to cut production by 9.7 million barrels per day in May and June, after lengthy talks for four days.

OPEC + said it wanted producers outside the group, such as the United States, Canada, Brazil and Norway, to cut another five percent or five million barrels per day.