This picture shows the North Oil Company installations in the province of Kirkuk, north of capital Baghdad, on Apr 2, 2023. (PHOTO / AFP)

BAGHDAD — Iraq will voluntarily cut oil production by 211,000 barrels per day (bpd) from May until the end of this year, the country's oil ministry said in a statement on Sunday.

The move is a "precautionary measure" taken in coordination with some countries of OPEC+, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, to stabilize the global oil market, it said.

Ministry data show that Iraq is producing more than 4.5 million bpd.

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Oil prices have risen since the outbreak of the Russia-Ukraine conflict in February last year, benefiting oil-exporting countries including Iraq. However, oil prices declined in the past few months due to fears of lower demand in global markets.

Iraq's economy relies heavily on crude oil exports, which account for more than 90 percent of the its revenue.