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.”
- Oil prices to rise and industrial metals and agriculturals to fall in 2021 – CE
- WTI consolidates around $52.50 mark, unfazed by surprise EIA inventory build