Iraq’s oil ministry said on Monday it will scale back crude exports to 3.3 million barrels per day (bpd) in the coming months to compensate for any increase above its OPEC+ quota in the first two months of 2024.
The ministry said Iraq is committed to voluntary cuts as part of the OPEC+ agreement and is working with secondary sources to reflect export curbs in their future OPEC+ reports.
Oil Minister Hayyan Abdel-Ghani said last month that Baghdad is committed to producing an amount of oil under 4 million bpd as part of OPEC plans.
Baghdad said earlier in March it would continue with a voluntary oil production cut of 220,000 bpd until June 2024 to back the OPEC+ alliance strategy.
