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Iraq executes OPEC’s crude oil output cut agreement-The 20th China (Guangzhou) Int’l Spring Industry Exhibition
1/9/2019 弹簧展- Spring Industry Exhibition-Spring expo |
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Thamir Ghadhban, the deputy prime minister for energy and oil minister in Iraq, said on January 4th that Iraq has executed the agreement of output cut signed by the Organization of the Petroleum Exporting Countries (OPEC) and Non-OPEC oil producers to reduce its output by 140,000 barrels roughly per day.
The agreement has come into effect in January this year. The output will be reduced by 140,000 tons approximately per day based on the daily output of 4.65 million barrels of crude oil in October 2018, and the daily output will be kept at around 4.51 million barrels in the next 6 months.
Ghadhban hoped that the reduction in output will boost oil prices and stabilize the oil market as the production and exports of oil were the main economic sources for Iraq.
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