Europe News Desk!! Iraq will cut oil production by 211,000 barrels per day (bpd) from May until the end of this year, the country’s oil ministry said in a statement. The move is a precautionary measure taken in coordination with some countries of the Organization of the Petroleum Exporting Countries (OPEC) and its allies to stabilize the global oil market. Ministry figures show Iraq is producing more than 4.5 million bpd, Xinhua news agency reported. Oil prices have risen since the Russia-Ukraine war broke out in February last year. This has benefited oil exporting countries including Iraq. However, in the past few months, oil prices have declined due to fears of lower demand in global markets. Iraq’s economy relies heavily on crude oil exports, which account for more than 90 percent of its revenue.
World News Desk!!