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, according to Reuters.

"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.