Iraq News - Local News - Baghdadpost

Iraq cuts oil exports in line with OPEC deal: minister

Iraq has cut its oil exports average to 3.5 million barrels per day in compliance with an ongoing production curb agreement, its oil minister said on Thursday.

Thamer Ghadhban told reporters an OPEC meeting in Vienna in April would assess member states’ compliance with agreed production cuts and whether to extend the curbs until the end of the year.

Iraq is committed to the deal and working to stabilize markets, and is producing slightly more than 4.5 million bpd, below its full capacity of nearly 5 million, Ghadhban said.

“We do not want severe volatility in prices because this affects producers and consumers,” he added.