Iraq cuts oil output by 180,000bpd

LONDON: Iraq has reduced its oil production by around 180,000 barrels per day and plans to cut a further 30,000 bpd before the end of the month, the OPEC member´s oil minister said on Monday. The cut came from a 4.75 million bpd level, Jabar Ali al-Luaibi told reporters at an industry event at Chatham House in London.

"We are abiding by OPEC policy and the OPEC agreement," Luaibi said. Iraq agreed to lower its production by 210,000 bpd under a deal struck in December between the Organization of the Petroleum Exporting Countries and other producers led by Russia.