Iraq announces extension of oil cut to Q2

BAGHDAD, March 3 (Xinhua) -- Iraq will extend a voluntary oil production cut by 220,000 barrels per day into the second quarter of 2024, Iraqi official news agency said on Sunday.

The decision was made as part of an agreement among the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, to stabilize the global market, the Iraqi News Agency (INA) said, citing a statement by the country's oil ministry.

Iraq's crude oil production will be 4 million barrels per day until the end of June 2024, the INA said, adding that the production cut will be phased out later gradually according to market conditions.

The statement noted that "this voluntary cut is in addition to the voluntary reduction of 211,000 barrels per day previously announced by Iraq in April 2023, which will continue until the end of December 2024."