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OPEC production declines after cuts by 3 countries, including Iraq
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Economy News-Follow-up
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Economy News-Follow-up
Iraq's oil production declined last November, amid cuts by Iran and Nigeria.
According to Bloomberg, OPEC production fell to 140,000 barrels per day, reaching just over 28 million barrels per day. Iraq and Nigeria witnessed the largest reductions, as each of them reduced production by about 50,000 barrels per day.
Production is likely to decline further next month, as the group and its allies will begin new supply cuts approaching 900,000 barrels per day.
Thus, Iraq's production decreased to 4.29 million barrels per day during October, as Baghdad faces difficulty in restarting the export pipeline that was stopped last March in light of a dispute with the Kurdistan Region and neighboring Turkey.
Iran suffered the second largest decline, as its production fell by 40,000 barrels per day, reaching 3.07 million barrels per day.
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Added 12/02/2023 - 12:29 PM
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