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Iraqi Oil Minister: OPEC + to keep the same oil production cuts till April 2021

Category: Economy

Date: 2021-02-10T19:24:07+0000
Iraqi Oil Minister: OPEC + to keep the same oil production cuts till April 2021

Shafaq News / Iraqi Oil Minister, Ihsan Abdul-Jabbar expected, on Wednesday, that OPEC + will keep the same oil production cuts till April 2021.

Abdul-Jabbar said in a press conference held this evening that the OPEC+ will meet on 4th of March, when the members will agree that reductions in production will stay in place until April 2021.

He indicated that Saudi Arabia will make additional, voluntary cuts to its oil production totaling one million barrels per day.

OPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the coronavirus pandemic in an unprecedented deal with fellow oil nations.

Iraq has been striving to meet its output target under the agreement to limit production and support global oil prices. Baghdad is heavily reliant on oil revenues to support the country's economy.

Iraqi Oil Minister Ihsan Abdul Jabbar said earlier in January that Iraq will stay committed to OPEC decisions and compensate for its overproduction.

Iraq had said that it would also set its daily production for the month of January at 3.6 million barrels, but it ended up pumping more than 3.8 million barrels per day.

The Minister of Oil expects to export 2.9 million barrels per day during the month of February, excluding Kurdish flows. The minister believes that crude oil prices will trade in the range of $ 58 to $ 63 per barrel this year.

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