Iraq extends voluntary oil cuts until June in with OPEC+

Iraq has declared its decision to prolong its voluntary reduction in oil production by 220,000 barrels per day until June 2024, aligning with the strategic objectives of the OPEC+ coalition.

As the second-largest producer within the Organization of the Petroleum Exporting Countries (OPEC), Iraq’s oil ministry stated on Sunday its commitment to extend the aforementioned voluntary cut. This measure is aimed at reinforcing the collaborative efforts of select OPEC+ members to stabilize global oil markets.

Under this extension, Iraq intends to maintain its daily oil production at four million barrels until the conclusion of June. This decision underscores the nation’s dedication to supporting the broader objectives of the OPEC+ alliance in managing oil supply dynamics and promoting market stability.

The coordinated action taken by Iraq and other OPEC+ members reflects a concerted effort to address the ongoing challenges facing the global oil industry, including fluctuating demand and geopolitical uncertainties. By extending its voluntary production cut, Iraq demonstrates its commitment to contributing to a balanced and sustainable oil market.

This announcement comes amidst discussions and deliberations within the OPEC+ framework regarding strategies to manage oil output and stabilize prices in the face of evolving market conditions. The decision to extend voluntary cuts underscores the collective resolve of participating countries to navigate the complexities of the global energy landscape.

Iraq’s continued cooperation with OPEC+ partners signifies a proactive approach towards addressing the multifaceted dynamics influencing the oil market. By aligning its production policies with those of the broader alliance, Iraq seeks to play a constructive role in supporting efforts to achieve market equilibrium and ensure the stability of global energy markets.

As the oil industry continues to adapt to changing geopolitical and economic realities, Iraq’s decision to extend voluntary production cuts underscores the importance of coordinated action among key oil-producing nations. Through sustained collaboration and strategic initiatives, OPEC+ aims to mitigate volatility and promote a more resilient and sustainable energy sector.