Iraq announced on Sunday it will extend its voluntary oil production cut of 220,000 barrels per day until June 2024 to reinforce the OPEC+ alliance's strategy.

The oil ministry of Iraq, second-largest producer in the Organization of the Petroleum Exporting Countries, said it "will extend its voluntary cut of 220,000 barrels per day for the second quarter of 2024 in coordination with some OPEC+ countries," producing four million bpd until the end of June.