Iraq begins cutting oil output in keeping with OPEC deal

Iraq has begun implementing measures to reduce national oil output in keeping with an OPEC decision, the Iraqi oil minister Jabar Ali al-Luaibi said.

"Iraq affirms its commitment to the OPEC decision which was taken in the last meeting in Vienna by putting in place a studied plan to reduce production from the country's fields from the start of the new year," Reuters cited him as saying.

OPEC agreed in November to cut output by 1.2 million barrels per day from January 2017 to support prices. Iraq, OPEC's second-largest producer, agreed to reduce output by 200,000 bpd to 4.351 million bpd.

OPEC’s crude production fell by 310,000 barrels a day in December, as unplanned disruptions in Nigeria reduced the group’s supply before deliberate cuts take effect this month, Bloomberg reported.
 
Nigeria’s daily output dropped by 200,000 barrels to 1.45 million in December, ending three months of gains as the African nation struggled to restore capacity after a year of militant attacks on oil infrastructure. Saudi Arabia’s production fell by 50,000 barrels a day while Venezuela declined by 40,000.