Iraq's local investments rise after cutting oil production output

Local investments in Iraq have risen after the implementation of OPEC exporters oil cut accord, National Investment Commission Chairman Sami al-Araji said on Saturday.

Iraq signed the accord with 11 other oil exporting countries and pledged to cut 210,000 oil barrels per day from its production output. This comes although it
had resisted for a long time to activate the accord.

This accord had resulted in rise in oil prices and enhanced Iraq's GDP and investments, Araji added.

OPEC announced in November 2016 that its members had agreed on cutting oil production output by 1,2 million barrels per day, beginning in January 2017 for six months.