Oil exports from Iraq's southern terminals have fallen by 170,000b/d so far in January, with the country implementing a further 40,000b/d during the month.
Kuwait's output cuts could reach between 146,000 and 148,000b/d, which is more than the reduction to which the member of the Organization for Petroleum Exporting Countries (OPEC) committed itself.
Omani Ministry of Oil and Gas has set an output limit on producers in Oman. The 45,000b/d output cut will be shared by the Sultanate’s oil producers on a pro-rate basis.
The Organization for Petroleum Exporting Countries (OPEC) could extend its oil output cuts to the end of 2017, provided other producers continue to cooperate on the deal.
Iraq has begun implementing measures to reduce national oil output by some 200,000b/d, in keeping with an OPEC decision.
Oman is expected to cut oil output by 45,000b/d. This is about 4.5% of its 1mb/d day production, to honor the agreement with the Organization of Petroleum Exporting Countries (OPEC).
Most international oil companies working in Iraq, along with the semi-autonomous region of Kurdistan, have agreed to cut crude output to fulfill an OPEC accord.
The head of Russian oil company Lukoil, Vagit Alekperov, said that the firm has not received any directives from the Iraqi government in Baghdad to curb oil production for 2017.
Oman and Russia have been named to the committee set up by OPEC to oversee the implementation of oil production cuts agreed upon by OPEC and non-OPEC nations.
The Kingdom of Saudi Arabia (KSA) pumped 10.72mb/d of oil, a record-high in November as the Organization of Petroleum Exporting Countries (OPEC) pushed for a global deal on production cuts.
ExxonMobil has pulled out of half of the six exploration blocks it operated inIraq's semi-autonomous region of Kurdistan.
Crude oil prices steadied around $50 a barrel, holding onto big gains made after the Organization of Petroleum Exporting Countries (OPEC) and Russia agreed to restrict production.
OPEC agreed to reduce its oil output to 32.5mb/d from the current production levels of around 33.24mb/d, with global prices of oil jumping by more than 5% in response to the agreement.
Russia is consulting with Saudi Arabia and other producers to achieve oil market stability, opening the door to further discussions on output freeze.
Algeria and other OPEC members are expected to push for a production freeze during an OPEC informal meeting scheduled for late September in Algiers.
Russia sees no need for renewing discussion of an oil-output freeze at current crude prices, while leaving open the possibility for future talks with the Saudi counterparts.
Oil Minister for Venezuela, Eulogio del Pino, is once again hoping to persuade the Organization of the Petroleum Exporting Countries (OPEC) to reach a freeze deal that would help boost global oil prices.
Iran's Minister of Petroleum Bijan Zangeneh says his country will support any initiative to stabilize the oil market after recent talks in Qatar failed to freeze production.