Iraq has begun implementing measures to reduce national oil output in keeping with an OPEC decision, Reuters reported.
Iraq,OPEC’s second-largest producer, has cut crude production by some 200,000b/d as part of the group’s agreement aimed at boosting flagging prices. Iraqi Oil Ministry Spokesman, Assem Jihad , said: “Iraq reduced its production to around 4.6mb/d,” according to The Daily Star. While, the minister himself, Jabar Ali al-Luaibi, said: “Iraq affirms its commitment to the OPEC decision which was taken in the last meeting in Vienna by putting in place a studied plan to reduce production from the country’s fields from the start of the new year.”
This came as OPEC agreed in November to cut output by 1.2mb/d from January 2017 to support prices. Iraq. Accordingly, Luaibi confirmed that Iraq is reviewing several options to implement the reduction, including cuts from Kirkuk oilfield, southern fields being developed by oil majors or other state-run areas.
Iraq was especially hard hit by the oil-price decline, which came as it fought a costly war against extremists, and after government mismanagement and corruption had squandered vast oil revenues when prices were high.