Iraq will cut oil output to compensate for breach of OPEC+ quota


Iraq, the OPEC’s second-biggest producer will pump around 3.6 million barrels daily in January and February, Bloomberg reported, citing Ali Nizar, the deputy head of State Organization for Marketing of Oil (SOMO).

According to data compiled by Bloomberg, Iraq produced around 3.85 million per day in December.

The planned oil output cut in January and February is mainly to make up for Iraq breaching its OPEC+ quota last year.

However, Nizar said: “Baghdad’s ability to meet these targets depends on whether the Kurdistan Regional Government agrees to reduce supplies from fields under its control.”

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By Jonathan Prop

Jonathan Prop is an independent financial advisor. He has been working in finance for the last 20 years. After retiring early in his 40s, Jonathan decided to help others get to grip with financial markets, particularly his area of expertise - forex!

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