Iraq's commitment to OPEC oil reduction won't affect exports
Iraq's oil reduction per the recent OPEC+ agreement will not affect the country's revenues, according to Iraq's oil minister.
During the 33rd OPEC and non-OPEC Ministerial Meeting, which was held Oct. 5 at the OPEC headquarters in Vienna, Austria, the 23 member states decided to decrease oil production.
According to the Oct. 5 agreement by OPEC+ — 13 OPEC members and 10 of the world's major non-OPEC oil-exporting nations — Iraq's share would be reduced by 220,000 barrels per day from the planned production level within OPEC, which amounts to 4.651 million barrels per day.
Following the meeting, Iraqi Oil Minister Ihsan Abdul-Jabbar Ismail said that the decision to reduce oil production would not affect Iraq's exports.
"The OPEC-producing countries and their allies from outside the organization are keen to achieve more stability and balance between supply and demand," he said. "The ministerial meeting seeks and aims to achieve more stability in the long run."
