Minister says Iraq plans to reduce oil production

Iraq will reduce oil production in its oilfields by 139,000 barrels per day (bpd) as part of an OPEC agreement to slash output, Iraqi Minister of Oil Thamir Ghadhban said.

OPEC and its Russia-led allies agreed on Friday to slash oil production by more than the market had expected.
The Iraqi oil minister said Iraq played a positive role in reaching the decision along with Saudi Arabia, UAE, and Russia, Ministry of Oil said in a statement on Saturday, December 8.
According to NRT Ghadhban added that he hoped the agreement would last for one year, but non-OPEC members wanted to be six months.
“The reduction is acceptable for us, especially as the price of a barrel is estimated at $56 in the Iraqi budget,” he said.
OPEC and non-OPEC members will curb output from January by 0.8 million barrels per day versus October levels while non-OPEC allies contribute an additional 0.4 million bpd of cuts, in a move to be reviewed at a meeting in April, according to Reuters.
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