Iraq’s oil minister, Thamer al-Ghadhban, announced that the Kurdistan region is included in the cut of oil production, according to Reuters. The minister added that a delegation from the Kurdistan region will arrive at the oil ministry on April 16 to discuss how the reduction will formulate itself.
It remains to be seen how Iraq and Kurdistan will divide up the agreed production cuts, but it has been reported that Iraq will cut production in excess of 1 mmbbl/d. Iraq’s total March crude exports, including those from the Kurdish region, were 3.88 million b/d, little changed from 3.874 million b/d in February, according to S&P Global.
The Organization of the Petroleum Exporting Countries and its allies (OPEC+) on April 12 signed a record oil deal that will cut oil production by 10 mmbbl/d effectively from May 1 through June 30, that would curb global oil supply by 20%.