Oil Minister confirms Production Cut

By John Lee.

Iraqi oil minister Jabar Ali al-Luaibi [Allibi] has confirmed that Iraq has started to cut oil production in line with the OPEC agreement reached in Vienna.

He said production has been cut by 160,000 barrels of crude oil per day from the start of the year, and that he hopes to reduce it by 210,000 bpd by the end of January.

He confirmed that Iraq is committed to cutting production despite the record production achieved during 2016, but added that he hopes that oil prices will increase as a result of the cuts.

(Source: Ministry of Oil)

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