Iraq declares cut of oil output to 3.3 mln bpd

BAGHDAD, Nov 1 (KUNA) -- Iraq is cutting its daily output of the crude oil to 3.3 million barrels, in addition to decreasing local consumption, the ministry of oil announced on Friday.
The cut comes in line with Iraq's adherence to resolutions of the Organization of Petroleum Exporting Countries (OPEC) and allied crude-producing states withing the joint accord (DoC), stipulating voluntary trim of the oil output.
The drop will proceed in the coming months to ensure the production "within the agreed upon ceilings," and make up for the glut put out over the past months, the ministry said, affirming that this approach is designed to reinforce stability in the global oil markets.
Iraq officially anounced on october 27 that it would abide by the lower oil output accord, crafted within OPEC+. (end) aha.rk