BAGHDAD, Aug 22 (KUNA) -- The Iraqi Ministry of Oil renewed on Thursday its commitment to the agreement to reduce voluntarily crude oil production within the framework of the decisions of the OPEC+ alliance aimed at achieving stability in global oil markets.

The ministry said in a statement that it had taken "real and tangible steps" to reduce production levels "while working to compensate for the quantities that exceeded the production levels set in previous months." It indicated that it had submitted an "updated compensation plan" to the General Secretariat of the Organization of the Petroleum Exporting Countries (OPEC), "explaining the details and procedures that will be taken to ensure full compliance with Iraq's pledges to the organization." Iraq announced a voluntary reduction in its crude oil production by 220,000 BPD that continued until the end of last June. It is the second voluntary reduction approved by Baghdad after a previous voluntary reduction adopted at the beginning of April last year by 211,000 BPD until the end of next December. (end) ahh.onm

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