Oil production in Iraq fell to the agreed level in October according to a survey – Commerzbank

FXStreet Insights Team FXStreet

According to a Reuters survey, oil production in Iraq fell to just under 4 million barrels per day in October, thus meeting the requirements of the OPEC+ agreement without taking the promised compensatory cuts into account.

Total OPEC oil production rises

“For the first time since the beginning of the year, the survey also showed that production in the nine countries bound by quotas (OPEC-9) was at the agreed level. Total OPEC oil production, by contrast, rose by 190,000 barrels per day because production in Libya normalised again after the outages in the previous two months.”

“The situation is similar in the Bloomberg survey. Here, too, total OPEC production rose, while production by the OPEC-9 fell. However, in this survey, Iraq's production was still 120,000 barrels per day above the agreed level.”

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