Baku, Azerbaijan, Jan.5
By Leman Zeynalova – Trend:
Iraq has started to reduce its oil production from January 2017 in line with the OPEC deal, the country’s Oil Minister Jabar Ali al-Luaibi said.
"Iraq affirms its commitment to OPEC decision taken during the last meeting in Vienna by putting in place a studied plan to cut the production from the national fields,” he said, according to the website of Iraqi Oil Ministry.
Ali al-Luaibi also said that Iraq is working with the producers inside and outside OPEC to control the glut of oil supply on the global oil market in order to achieve the appropriate balance between the supply and demand and to raise the oil prices during the next period.
During the Vienna meeting held Nov.30, OPEC members decided to implement a new OPEC-14 production target of 32.5 million barrels per day.
Iraq undertook the second biggest cut after Saudi Arabia, as the country agreed to reduce its oil output by 210,000 barrels per day to 4.351 mbd.
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