(Multimedia) Iraq says it will not agree to further oil production cuts at next OPEC+ meeting – Xinhua

(Multimedia) Iraq says it will not agree to further oil production cuts at next OPEC+ meeting – Xinhua
(Multimedia) Iraq says it will not agree to further oil production cuts at next OPEC+ meeting – Xinhua
Photo taken on September 5, 2022 shows the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria. (Xinhua/Wang Zhou)

Iraqi Oil Minister Hayan Abdul Ghani said on Saturday that his country would not agree to renew the reduction in its oil production at the upcoming OPEC+ meeting in early June in Vienna.

BAGHDAD, May 11 (Xinhua) — Iraqi Oil Minister Hayan Abdul Ghani said on Saturday that his country would not agree to renew its oil production cut at the upcoming OPEC+ meeting early this month. next June in Vienna.

Speaking at an event on gas and oil licensing in Baghdad, Abdul Ghani said Iraq had already made enough voluntary reductions in its oil production and would not accept “any renewals” proposed by OPEC+.

OPEC+, which includes the Organization of the Petroleum Exporting Countries (OPEC), Russia and other non-OPEC producers, is working to get its members to cut production to stabilize prices oil in a context of weak global demand.

Iraq announced in March that it would extend the voluntary reduction in its oil production, in accordance with a previous agreement with OPEC+, until the second quarter of 2024.

As OPEC’s second largest oil producer, Iraq has more than 145 billion barrels of proven oil reserves and approximately 132 trillion cubic feet of proven natural gas reserves.

Iraq’s economy relies heavily on its crude oil exports, which constitute more than 90% of its income.

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