London — Iraq's oil ministry has said it will seek to hold the country's crude production at 4.513 million b/d for the next six months, keeping the country in line with the OPEC cut deal reached last month.
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The cut would be 140,000 b/d from the reference level of 4.653 million b/d reached in October, the ministry said in a statement Friday. The reduction is broadly in line with that laid out in an OPEC secretariat document seen by S&P Global Platts in December, which allocated Iraq a 141,000 b/d cut to 4.512 million b/d.
In December OPEC, Russia and nine other non-OPEC allies agreed to a combined 1.2 million b/d supply reduction for the first six months of 2019 to shore up what many expect to be weakening market fundamentals ahead. The agreement exempts Libya, Iran and Venezuela.
Iraq is OPEC's second-largest oil producer.
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