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Iraq decreased its oil production by 160,000 barrels per day and begins to implement cuts in production agreed last year by the OPEC. Iraq, which is the second largest producer in the cartel, hopes to achieve its quota cuts in the amount of 210,000 barrels per day by the end of the month, according to the country’s Oil Minister Jabbar al-Luaibi.

According to the Oil Ministry, the declines are made from fields operated by the federal government in Baghdad, not from fields operated by international energy companies or autonomous Kurdish authorities in northern Iraq.

On Monday, oil prices fell by about 4% because of doubts that the deal in and outside OPEC cartel will be respected, but on Tuesday crude attempt to recover. The WTI crude rose by 0.60% to 52.27 USD per barrel, while the European benchmark Brent oil added 0.53% to its value to 55.23 USD per barrel.

