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Iraq Backs OPEC+ Agreement, Commitment to Voluntary Oil Cuts

CAIRO, Dec 22 (Reuters) - Iraq oil ministry spokesman Asim Jihad affirmed Iraq's support for the OPEC+ agreement and its commitment to voluntary oil cuts, according to the Iraqi News Agency on Friday.

Iraq's decision comes within the framework of joint efforts to achieve a stable and balanced oil market, he added.

"The government is working seriously, through the OPEC+ group, to achieve the required balance and stability in the global oil market to achieve a good level of revenues for the federal treasury," a spokesman said.

"Thanks to the OPEC Plus agreement to reduce production, member states including Iraq have tried to achieve the highest rates of balance between supply and demand so that we can achieve stability in the global oil market," he said.

The spokesman explained that the reduction has allowed Iraq to set a margin for changes in the oil market that help mitigate the risk of global oil market changes.

Reporting by Ahmed Tolba and Adam Makary; Editing by Louise Heavens and Mark Porter

Source: Reuters

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