By John Lee.
Iraq's Ministry of Oil has said it has reduced its oil exports to 3.3 million barrels per day (bpd) and decreased domestic consumption.
It said the move was in line with Iraq's commitment to the OPEC+ agreement on voluntary oil production cuts.
"This reduction is set to continue in the coming months to maintain production within agreed limits and offset previous surpluses. The move aims to support stability and balance in global oil markets," it added.
In August, OPEC, the Organization of the Petroleum Exporting Countries, published a revised compensation plan relating to over-production of oil in the first seven months of 2024.
(Source: Ministry of Oil)
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