March 14, 2019 / 10:34 AM / a month ago

Iraq cuts oil exports to 3.5 million bpd in line with OPEC deal: minister

FILE PHOTO: A general view of al-Zubair oil field near Basra, Iraq July 15, 2018. REUTERS/Essam al-Sudani

BAGHDAD (Reuters) - Iraq has cut its oil exports average to 3.5 million barrels per day (bpd) in compliance with an ongoing production curb agreement, its oil minister said on Thursday.

Thamer Ghadhban told reporters that an OPEC meeting in Vienna in April would assess member states’ compliance with agreed production cuts and whether to extend the curbs until the end of the year.

Iraq exported on average around 3.6 million bpd in January-February, and 3.7 million in December.

Iraq is committed to the deal and working to stabilize markets, and is producing slightly more than 4.5 million bpd, below its full capacity of nearly 5 million, Ghadhban said.

“We do not want severe volatility in prices because this affects producers and consumers,” he added.

Reporting by Ahmed Rasheed; Writing by John Davison; Editing by Mark Potter

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