Arab Press

بالشعب و للشعب
Friday, Jun 20, 2025

Iraq pledges to deepen oil output cuts in August, September

Iraq pledges to deepen oil output cuts in August, September

Iraq said on Friday it would cut its oil production by another 400,000 barrels per day in both August and September to compensate for its overproduction in the past three months.
Iraq oil minister Ihsan Abdul Jabbar said in a joint statement with his Saudi counterpart Prince Abdulaziz bin Salman that Iraq's output cut was in addition to the 850,000 bpd it had committed to cut in August and September under an OPEC+ supply pact.

The total reduction to Iraq's production in August and September will amount to 1.25 million bpd for each month.

"The reduction could be adjusted when the six secondary sources publish their production figures," the joint statement said, referring to oil industry data providers such as the International Energy Agency.

The two ministers stressed their full commitment to an OPEC+ deal curbing oil production.

Abdul Jabbar confirmed Iraq's firm commitment to the OPEC+ agreement, adding that Iraq would reach 100% conformity by the beginning of August.

The two ministers discussed in a phone call the latest developments in the oil markets, continued recovery in global demand and progress made towards implementing the OPEC+ agreement.

The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, began a record supply cut in May to bolster oil prices hammered by the coronavirus crisis.

OPEC and allies led by Russia, known as OPEC+, agreed to cut output by 9.7 million bpd, or around 10% of global output, from May 1, and to taper off the cuts to 7.7 million bpd from August.

In July, OPEC delivered 5.743 million bpd of its share of the cuts, equal to 94% compliance, a Reuters survey found.

Iraq agreed to cut output by 1.06 million bpd under the deal.

The Saudi and Iraqi energy ministers said efforts made by OPEC+ member states would enhance the stability of global oil markets, accelerate its balancing and send positive signals to the markets, the statement said.

OPEC oil output rose by more than 1 million bpd in July as Saudi Arabia and other Gulf members ended their voluntary extra curbs on top of the OPEC-led deal, and other members made limited progress on compliance.
Newsletter

Related Articles

Arab Press
0:00
0:00
Close
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
UK Deploys Jets to Middle East Amid Rising Tensions
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
Iran Launches Extensive Missile Attack on Israel Following Israeli Strikes on Nuclear Sites
Israel Issues Ultimatum to Iran Over Potential Retaliation and Nuclear Facilities
Coinbase CEO Warns Bitcoin Could Supplant US Dollar Amid Mounting National Debt
Trump to Iran: Make a Deal — Sign or Die
Operation "Like a Lion": Israel Strikes Iran in Unprecedented Offensive
Israel Launches 'Operation Rising Lion' Targeting Iranian Nuclear and Military Sites
Israeli Forces Intercept Gaza-Bound Aid Vessel Carrying Greta Thunberg
IMF Warns of Severe Global Trade War Impacts on Emerging Markets
Syria to Reconnect to Global Economy After 14 Years of Isolation
Saudi Arabia Faces Uncertainty Over Succession After Mohammed bin Salman
Israel Confirms Arming Gaza Clan to Counter Hamas Influence
Majority of French Voters View Macron's Presidency as a Failure
U.S. Reduces Military Presence in Syria
Trump Demands Iran End All Uranium Enrichment in Nuclear Talks
Iran Warns Europe Against Politicizing UN Nuclear Report
Businessman Mauled by Lion at Luxury Namibian Lodge
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
European and Arab Ministers Convene in Madrid to Address Gaza Conflict
Head of Gaza Aid Group Resigns Amid Humanitarian Concerns
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
Iranian Revolutionary Guard Founder Warns Against Trusting Regime in Nuclear Talks
×