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Iraq nearly implements quota on crude production cut in mid-February — oil minister

March 06, 6:34 UTC+3 HOUSTON

The Iraqi minister also said that Russian oil major Lukoil, which has West Qurna-2 project in Iraq, expressed its readiness to cup its daily oil production by 20,000 barrels

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HOUSTON, March 6. /TASS/. Iraq nearly implemented by mid-February an agreed quota on the reduction of oil production, Iraq’s Oil Minister Jabar Ali al-Luaibi said.

"By the middle of February we have almost reached the reduction of 210,000 barrels per day," Al-Luaibi told journalists at the oil conference CERAWeek-2017 in Houston.

The Iraqi minister also said that Russian oil major Lukoil, which has West Qurna-2 project in Iraq, expressed its readiness to cup its daily oil production by 20,000 barrels.

"They have sent us a letter stating their readiness to cut daily output by 20,000 barrels," Al-Luaibi said without specifying when the Russian company would begin the reduction.

Lukoil CEO Vagit Alekperov told journalists earlier that the company had not received from the Iraqi government proposals on the reduction of oil production at the West Qurna-2, where the company’s output was estimated at five million tons of oil in 2016.

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