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[size=36]Iraq plans to cut oil production in September[/size]
economy | 09:27 - 08/30/2024
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Mawazine News - Baghdad
Iraq plans to cut its oil production to between 3.85 million and 3.9 million barrels per day (bpd) in September, a source familiar with the matter told Reuters, as part of a plan agreed with the OPEC+ alliance to compensate for overproduction. The plan comes at a time when Libyan oil production is falling due to a political dispute between different factions.
The cut will put pressure on the oil market ahead of a planned output increase by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, starting in October to start easing some of their production cuts. Iraq produced about 4.25 million barrels per day (bpd) in July, OPEC said, citing secondary sources. That is above its quota of four million bpd. The oil ministry has submitted a plan to OPEC to compensate for the overproduction between this month and September next year. OPEC said last week that Iraq’s cumulative overproduction between January and July was 1.4 million bpd.
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