Iraq begins to cut oil production under OPEC+ deal

Iraq on Friday began reducing oil production at fields in Basra, Iraq, as part of the OPEC+agreement, Report says, citing the TASS.

According to the source, the reduction in production began with the West Qurna - 2 fields.

Earlier, Oil Minister Tamer al-Ghadban said that Iraq would start reducing oil production by 22.8% from May 1 to comply with the new OPEC+ agreement.

Notably, OPEC+ countries agreed on an oil production cut at an emergency video conference on April 12. It provides for a total reduction in oil production in May-June by 9.7 mln BPD, in July-December-by 7.7 mln BPD, while in January 2021-April 2022-by 5.8 mln BPD.