After Saudi Arabia, Iraq is OPEC’s largest oil producer
Crude exports have gone down to 3.275 million barrels per day (bpd) whereas in December southern Iraq exported 3.51 million bpd. Iraq’s oil ministers settled on an agreement with oil producers to reduce overall output in accordance with the OPEC agreement. In December, Iraq reported record crude production in its southern region.
After Saudi Arabia, Iraq is OPEC’s largest oil producer and agreed in November to agree to an oil cut in order for global oil prices to begin to recover from the huge downfall they have experienced in the last several months.
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