Iraq said on Friday it would cut its oil production by another 400,000 barrels per day in both August and September to compensate for its overproduction in the past three months.
Iraq oil minister Ihsan Abdul Jabbar said in a joint statement with his Saudi counterpart Prince Abdulaziz bin Salman that Iraq’s output cut was in addition to the 850,000 bpd it had committed to cut in August and September under an OPEC+ supply pact.
The total cut to Iraq’s production in August and September will amount to 1.25 million bpd for each month.
“The reduction could be adjusted when the six secondary sources publish their production figures,” the joint statement said, referring to oil industry data providers such as the International Energy Agency.
The two ministers stressed their full commitment to an OPEC+ deal curbing oil production.
Abdul Jabbar confirmed Iraq’s firm commitment to the OPEC+ agreement, adding that Iraq would reach 100% conformity by the beginning of August.