Iraq has announced they will adhere to OPEC’s agreement that was meant to kick in on January 1st and would enforce the reduction of oil production by its members. Minister Jabbar al-Li’aibi added in a recent statement the reduction would stop the decline in oil prices. However, the agreement set forth by OPEC would be null and void once the members’ goals were met.
The specifics of the OPEC agreement, established on November 10, 2016 outlined the reduction of oil by member countries by 1.2 million b/p starting at the beginning of 2017. Iraq was meant to reduce 210,000 b/d.
Source: Iraq TradeLink
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