Iraq Says it will Make Additional Supply Cuts, Offering Supportive Price Outlook

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Iraq said on Friday that it will cut oil production by another 400,000 bpd in both August and September to offset overproduction over the past three months.

In a joint statement, Iraqi Oil Minister Ihsan Abdul Jabbar and his Saudi counterpart Prince Abdulaziz bin Salman said the cut would be in addition to the 850,000 barrels per day Iraq is expected to cut production in August and September under the OPEC+ pact.

The total reduction in Iraqi production in August and September will amount to 1.25 million barrels per day for each month.

“The cut could be adjusted when the six secondary sources release their production figures,” the joint statement said, citing industry data providers such as the International Energy Agency.

Both ministers stressed their countries’ full commitment to the OPEC+ deal to curb oil production.

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