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Iraq Plans Lower Output For The Next Two Months

Iraq has expressed their plans to lower their output for the months of August and September.

In order to compensate for the excess productions in the previous months, Iraq has expressed their intent to reduce oil output during the months of August and September. According to Iraq's oil minister, they intend to produce 400,000 barrels per day (b/d) below their 3.8 million b/d crude output quota for the said months.

Iraq's output limit for August - December under the OPEC+ deal is 3.8 million b/d, a little bit higher than the 3.59 million b/d cap for the months of May - July. Under the deal member countries can compensate for their excess by making additional cuts on July - September.

There were no report yet for their July output but per the oil ministry Iraq's crude output in May was 4.07 million b/d and 3.7 million b/d in June respectively. However, initial data suggests that they remain above quota last month.

Ihsan Ismael, Iraq's oil minister stressed that the decision to reduce production in August is a symbol of the country's commitment to overcome every challenge that may stand against their intent in meeting the oil production cut that is being asked from them.

Iraq has been under pressure from other OPEC+ members to improve their compliance to the oil production cut deal. But the challenge is indeed real for Iraq to comply as the country is beset with high-temperatures and power cuts that resulted in several protests in some provinces last month.

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