Al-Marsoumi: Reducing oil production will reduce Iraq’s revenues by $3 billion.
Al-Marsoumi: Reducing oil production will reduce Iraq’s revenues by $3 billion.
3-22-2025
Information / Special..
Economic expert Nabil Al-Marsoumi confirmed on Saturday that Iraq’s decision to reduce its oil production by 125,000 barrels per day, as part of its commitment to the OPEC+ agreement, will lead to a decline in oil exports to approximately 3.2 million barrels per day.
Al-Marsoumi said in a statement to Al-Maalouma Agency, “Iraq has decided to reduce its crude oil production by 125,000 barrels per day, as part of its commitment to its production quota under the OPEC+ agreement.”
He explained that “this decision will lead to a decline in Iraqi oil exports to approximately 3.2 million barrels per day, which will impact oil revenues by an estimated $262 million per month, or more than $3.19 billion annually.”
Al-Marsoumi pointed out that “this measure, which will be implemented starting March 2025 and continuing until June 2026, could exacerbate the federal budget deficit for 2025 as a result of the decline in expected financial returns from oil, the country’s main source of revenue.”
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