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Erbil, Baghdad Reach Agreement on Oil Production Cut

The Kurdistan Regional Government (KRG) and the federal government of Iraq have reached an agreement to abide by the OPEC policy and cut oil production.

KRG’s Finance and Economy Minister Awat Janab, accompanied by a high-level delegation from Erbil, visited Baghdad on Sunday and discussed the issue with Iraqi Oil Minister.

At a press conference after the meeting, both the ministers described the negotiations as “positive”. The Kurdish delegation confirmed that they will follow Iraqi government’s decision in cutting oil productions to comply with the OPEC, as part of a global effort to stabilize the international oil market.

The Kurdish delegation also discussed its natural gas production with Iraqi counterparts. Janab said they have reached an agreement also to expand and develop the natural gas production line so to help the electricity sector in Kurdistan and Iraq. Source