Reuters has recently reported Iraq’s southern oil fields have cut oil production in conjunction with the recent OPEC decision that requires all OPEC members to reduce oil production in an effort to raise the global oil price.
Exports from the southern region of Iraq went from 3.51 million bpd in December to 3.25 million bpd in January. After Iraq agreed to the oil cut, Minister of Oil for Iraq, Jabbar Ali al-Luaibi (Allibi) released a statement indicating Iraq would support the decision and cut oil produciton in Iraq effective January 1 2017. Source: Reuters
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