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

Dhwani Mehta FXStreet

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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Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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