Oil
Iraq starts to cut oil production
- Iraq pledges to reduce oil production by 210 thousand barrels per day by end of month, Iraqi Oil Minister says

Iraq reduced oil production by 160 thousand barrels per day by complying with OPEC's output cut decision, Iraq's Oil Minister Jabbar A. Allibi announced on Wednesday.

According to the statement on the ministry's website, Allibi confirmed that Iraq started the procedure to cut production at the beginning of 2017 in line with the resolution of the producer countries inside and outside OPEC.

"Iraq reduced the production by 160 thousand barrels of crude oil per day," he noted, adding that he further hopes to reduce oil production by 210 thousand barrels per day by the end of January.

"That is the determined quantity for Iraq which was agreed on during the OPEC meeting in Vienna in 2016," he said.

Allibi reiterated Iraq's commitment to cut production despite the high record production in 2016.

Additionally, he shared his hopes that oil prices would elevate and global demand would grow with the control of the supply glut.

According to OPEC's latest report, Iraq's oil production was 4.5 million barrels per day in November 2016.

By Dilara Zengin

Anadolu Agency

dilara.zengin@aa.com.tr

 

 

 

11 Jan,2017
OIL NEWS