Iraq commits to extending oil production cuts until March 2024

In an official statement released on Friday, the Iraqi Oil Ministry has confirmed its decision to extend oil production cuts until March 2024. The government, in collaboration with the OPEC+ group, aims to mitigate risks associated with oil price fluctuations and secure essential revenues for the nation’s treasury.

Asem Jihad, the spokesperson for the Oil Ministry, emphasized the government’s keen awareness of the global oil market’s dynamics and its direct impact on Iraq’s export revenues. Acknowledging the long-standing influence of price fluctuations in the oil market, Jihad highlighted the government’s strategic approach to navigating both positive and negative changes.

The global oil market has grappled with price fluctuations for decades, posing challenges that necessitate careful consideration. Iraq, as a member of the OPEC+ alliance, is actively working towards achieving a balanced supply and demand equation to foster stability in the global oil market.

In response to recent months’ price volatility, with oil prices fluctuating above and below the $80 mark, OPEC+ members, including Iraq, have collectively decided to sustain production cuts until the conclusion of March 2024. This unified effort reflects the group’s commitment to addressing market challenges and maintaining a stable oil landscape.