Iraq said on Sunday it will continue with a voluntary oil production cut of 220,000 barrels per day (bpd) until June 2024 to back the OPEC+ alliance strategy.
Iraq’s oil ministry, the second largest producer in the Organization of Petroleum Exporting Countries, said it “will extend its voluntary cut of 220,000 barrels per day for the second quarter of 2024 in coordination with some OPEC+ countries,” producing four million bpd until the end of June.
Saudi Arabia also announced on Sunday it would extend its oil supply cut of one million bpd through June and Kuwait said the same day it would cut oil output by 135,000 until June.
Russia on Sunday said it would cut its production by almost half a million barrels in the second quarter of 2024.
Saudi Arabia first announced its voluntary cut after an OPEC+ meeting in June 2023. It came after a decision in April 2023 from several OPEC+ members to cut production voluntarily to more than one million bpd.
