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Iraq surpasses its plan to reduce oil output under production cut deal

September 01, 13:05 UTC+3 MOSCOW

Iraq thus has fulfilled its obligations to reduce production by more than 100%

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© AP Photo/Nabil Al-Jurani

MOSCOW, September 1. /TASS/. Iraq has surpassed its obligations to reduce oil production within the framework of the OPEC+ deal and reached production level of 4.32 mln barrels per day, Oil Minister of Iraq Jabbar al-Luaibi told reporters.

According to the minister, Iraq has fulfilled its obligations to reduce production by more than 100%, the production level is currently at 4.32 mln barrels per day.

The minister also added that before the conclusion of the agreement, extraction reached 4.561 mln barrels per day. According to him, export of oil from southern terminals in Basra amounts to 3.2-3.23 mln barrels per day.

Jabbar al-Luaibi noted that in January, when the agreement came into force, Iraq cut production by 80,000 barrels at once, and today it completely fulfills its quota of 210,000 barrels.

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