Iraq Cuts Oil Output To 160 Thousand BPD

Iraq Ministry of Oil said Thursday it began measures to cut down its petroleum production to 160 thousand barrels per day (bpd) in line with an agreement with the world’s top oil producers to reduce output.

    Oil minister Jabar Ali Allaibi said his country started with the advent of the new year to cut national crude oil production in line with an historic OPEC agreement reached in December. Iraq pledged to cut 210.000 barrels a day after a long-time reluctance as it had complained of a crisis-hit economy.

    "Iraq stresses its commitment to the OPEC decision adopted during the latest meeting in Vienna, applying a well-studied plan to reduce production from the county’s oilfields at the beginning of the new year," the minister said in a statement by the ministry.

    He said his country is working with OPEC members and non-members to control the huge supply in the world market, and to achieve the required balance between supply and demand in a way that boosts prices. OPEC producers agreed in December to cut daily production by 1.2 million barrels a day starting January. and struggle against terrorism.