Iraq’s Oil Production Falls Below OPEC+ Cap
An Iraqi official disclosed that oil production in Iraq for September stood at 3.94 million barrels per day, missing the OPEC+ output limit by under 1 million barrels per day. The drop in production was attributed to decreased exports, reduced domestic consumption, and lower output from the Kurdistan Region.
In response to the shortfall, the Iraqi government planned to cut production to 3.85-3.9 million barrels per day in September, in line with the OPEC+ agreement to address overproduction. OPEC reported that Iraq overproduced by 1.44 million barrels per day from January to July.
To comply with the OPEC+ alliance, Iraq submitted a revised compensation plan and took steps to reduce production, demonstrating its commitment to market stability. OPEC, along with key producers like Russia, has implemented output reductions to balance supply and demand.
By working together with OPEC+, Iraq aims to uphold stability in the global oil market and safeguard the interests of oil producers and consumers alike.
Read more on Iraqi News.