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[size=30]Iraq produces more than its quota set by OPEC, by 14% during November
2021-12-09
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Yes Iraq: Baghdad
A new survey conducted by the S&P Global Platts platform showed on Thursday that Gabon and Iraq are the two countries that have least complied with their oil quotas among the members of the Organization of Petroleum Exporting Countries last November, as Iraq raised its production to 4 million and 250 thousand barrels, at a time when Its quota is 4 million and 193 thousand barrels only during last November.
The platform stated that "OPEC, which has 13 members, pumped 27.85 million barrels per day in November, an increase of 300,000 barrels per day compared to October, indicating that the organization's compliance with its production quotas amounted to 118.43 percent.
She added that Iraq boosted production by 80,000 barrels per day, with an average of 4.25 million barrels per day in November, which is slightly higher than its quota of 4.19 million barrels per day, bringing Iraq's compliance rate to 87.61%, noting that Iraqi crude oil exports rose significantly. Sharp amid strong demand from its major customers along with maintenance in a few of its refineries.
She indicated that Gabon was the least committed country to its quota for the month of November among the OPEC members, as it boosted its production by 190,000 barrels per day on average, which is much higher than its quota of 168,000 barrels per day, so that its compliance rate is -15.79%.
She explained that the most compliant member of OPEC and its commitment to its oil production for the month of November is Equatorial Guinea, with a compliance rate of 308.33%, followed by Angola and Nigeria with a percentage of 290.01% and 216.01%, respectively.
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