Shafaq News / The Energy, Natural Resources, Industry and Trade Committee of Kurdistan Regional Parliament announced on Monday that the region should reduce 23% of its production of crude oil according to Iraq’s agreement with OPEC.

"The Ministry of Natural Resources should reduce 23% of the oil production in the region," the committee’s Rapporteur, Serko Kalali, said in a post today.

He explained, "That is, the region must reduce 103 barrels from the total production and export, which amounts to 346 thousand and 500 barrels per day."

The Iraqi Oil Minister, Thamer Al-Ghadban announced earlier today that the agreement to reduce oil production will help reduce stocks and support prices.

Iraq welcomed the results of the OPEC + meeting, in which the commitment of the members of the group reached a historic cut in production to support oil prices, amounting to approximately 10 million barrels per day, in addition to a reduction by producing countries outside the group, most notably America and Canada.

The group, known as OPEC +, said it has agreed to cut production by 9.7 million barrels per day in May and June, after lengthy talks for four days.

OPEC + said it wanted producers outside the group, such as the United States, Canada, Brazil and Norway, to cut another five percent or five million barrels per day.