Baghdad: Iraq is cutting its daily output of crude oil to 3.3 million barrels, alongside a decrease in local consumption, the ministry of oil announced on Friday. The move aligns with Iraq's commitment to the resolutions of the Organization of Petroleum Exporting Countries (OPEC) and allied crude-producing states within the joint accord (DoC), which requires a voluntary reduction in oil output. According to Kuwait News Agency, the reduction will continue in the coming months to ensure production remains within the agreed-upon limits and to compensate for the excess production of recent months. The ministry emphasized that this strategy aims to maintain stability in the global oil markets. Iraq officially announced on October 27 that it would adhere to the lower oil output agreement, formulated within OPEC+.
