OPEC and its Russia-led allies agreed on Friday to slash oil production by more than the market had expected.
The Iraqi oil minister said Iraq played a positive role in reaching the decision along with Saudi Arabia, UAE, and Russia, Ministry of Oil said in a statement on Saturday, December 8.
According to NRT Ghadhban added that he hoped the agreement would last for one year, but non-OPEC members wanted to be six months.
“The reduction is acceptable for us, especially as the price of a barrel is estimated at $56 in the Iraqi budget,” he said.
OPEC and non-OPEC members will curb output from January by 0.8 million barrels per day versus October levels while non-OPEC allies contribute an additional 0.4 million bpd of cuts, in a move to be reviewed at a meeting in April, according to Reuters.
Reporter's code: 50101
<p style="text-align:left">Iraq will reduce oil production in its oilfields by 139,000 barrels per day (bpd) as part of an OPEC agreement to slash output, Iraqi Minister of Oil Thamir Ghadhban said.
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