OPEC + will consider increasing production reduction to 1.6 million barrels

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      Thamer Ghadhban, Iraq's oil minister, said on Sunday that the organization of the Petroleum Exporting Countries (OPEC) and other oil producing allies would consider increasing the current reduction by about 400000 barrels per day to 1.6 million barrels per day.
Cabain told reporters OPEC + will consider increasing the cut in production specified in the supply agreement at this week's meeting in Vienna.
OPEC + oil exporting countries have taken joint action to control production in the past three years in order to balance the market and support oil prices. The existing agreement provides for a production cut of 1.2 million barrels per day from January this year and will expire at the end of March next year.
As of Sunday, Mr. Kaban said Iraq's compliance rate with the cap agreement was more than 100 percent, and that the agreement to limit production in the semi autonomous Kurdish region also helped.
Iraq is the second largest oil producer of OPEC after Saudi Arabia. Iraq's oil ministry said Sunday that the average crude oil exports in November were 3.5 million barrels per day. Iraq's total crude oil production in November averaged 4.62 million barrels per day, according to a Reuters survey.


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