Iraq's Oil Ministry cuts production and exports to 3.3 million barrels daily to stabilize markets.

Iraq's Oil Ministry has announced a reduction in oil production and exports to 3.3 million barrels per day, adhering to the OPEC+ agreement on output cuts. This adjustment, prompted by previous overproduction, aims to stabilize the global crude oil market. The cuts are expected to persist in the upcoming months, as Iraq's economy significantly depends on oil exports, which represent about 90% of its revenues.

November 01, 2024
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