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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.
Representatives of OPEC member countries attend a press conference after the 45th Joint Ministerial Monitoring Committee and the 33rd OPEC and non-OPEC Ministerial Meeting, Vienna, Austria, Oct. 5, 2022.

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.

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