The Ministry of Oil confirmed its commitment to the voluntary production reduction decisions agreed upon within OPEC+.
The Ministry confirmed in a statement, within the framework of the Iraqi Ministry of Oil’s commitment to the decisions of the OPEC+ group aimed at achieving stability in global oil markets, renewing its seriousness in adhering to the voluntary production reduction decisions agreed upon within the group.
In this context, the Ministry of Oil has taken real and tangible steps to reduce production levels, while working to compensate for the quantities that exceeded the production levels set during the previous months.
The Ministry indicated that it has submitted an updated compensation plan to the OPEC Secretariat, explaining the details and procedures that will be taken to ensure full compliance with our pledges towards the organization.
She continued: “This move by Iraq comes as a confirmation of its keenness to support the joint efforts made by the OPEC+ group to achieve balance and stabil
ity in the global oil market, and to preserve the interests of all producing and consuming countries alike.”
Source: National Iraqi News Agency