Iraq, the second-largest producer of OPEC, is committed to voluntarily reducing production in the OPEC+ deal, with no more than 4 million barrels per day, Iraq's oil minister, Hayan Abdel-Ghani, said on Monday.
According to OPEC's second-tier ***, Iraq's daily production in December was 42920,000 barrels, one of several OPEC+ producers who pledged to voluntarily cut production in the first quarter of 2024 at the end of November. Iraq announced a 22 production cut for the period from January 1 to March 31, 202430,000 barrels per day. "After that, these voluntary cuts will be gradually restored based on market conditions in order to support market stability," OPEC said at the time, commenting on voluntary cuts also announced by Saudi Arabia, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman.
Reuters quoted Iraqi Minister Hayan Abdel-Ghani as saying to reporters today that Iraq's exports are currently between 3.35 million and 3.4 million barrels per day.
The minister also commented on the disruption of ** exports from Kurdistan in northern Iraq and its semi-autonomous regions for almost a year, and when these exports are expected to resume. Reuters reported that Abdel-Ghani said: "The resumption of exports from the Kurdistan region is associated with the resumption of production from oil fields in the region. Negotiations with companies operating in the region are working to reach a solution in the near future. ”
At the end of last month, the International Oil Company operating in Kurdistan called on the U.S. Congress to take immediate action to help address the semi-autonomous region's halted exports. The Kurdistan Petroleum Industry Association (APIKUR) has sent a letter to Congress stating that it "remains committed to the Kurdistan region and urges the U.S. Congress to support efforts to restore full oil production and exports, which are essential for regional economic stability and security." (Compiled by Xiao Chen).
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