Iraq has started trimming crude oil production in a managed fashion in order to comply with an OPEC agreement, the oil minister said. “Iraq is dealing wisely” with its commitment to cut production, Oil Minister Jabbar al-Luaibi, said in a statement . Cuts are in line with an agreement signed in November, the ministry reported. Iraq is among the top oil producers in the Organization of Petroleum Exporting Countries, which agreed to sideline a collective 1.2 million barrels per day to achieve balance between supply and demand. The OPEC deal uses an Iraqi oil production volume of 4.56 million bpd as a benchmark for a cut of about 4.6 percent. Iraq reported to OPEC that it produced about 3,000 bpd more in November than the reference used to cut the deal. Secondary sources told OPEC that Iraq produced about 4.8 million bpd and, if […]