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Iraq August Oil Output Grew 1.9 Per Cent On Month Despite Below OPEC Quota

Iraqi oil production, including flows from Kurdistan Region, rose 1.9% month on month in August despite pumping below the OPEC+ quota.

Iraq's oil production grew 1.9 % month on month in August, including flows from the semi-autonomous Kurdistan region, according to the State Oil Marketing Organization, despite the country pumping below its OPEC+ quota.

According to SOMO data, OPEC's second-largest producer pumped an average of 3.961 million barrels per day (bpd) in August, up from 3.886 million bpd in July.

As the alliance continues to lift output limitations, Iraq's OPEC+ quota increased to 4.061 million bpd in August from 4.016 million bpd in July.

The OPEC+ coalition continues to loosen production cuts by 400,000 bpd each month between August and December, with the goal of adding 2 million bpd by the end of 2021. Iraq's September quota is 4.105 million bpd.

According to SOMO data, total exports jumped 2.1% to 3.419 million bpd in August, with federal volumes up 4.7% to 3.054 million bpd and Kurdish flows down 14% to 365,000 bpd.

Domestic demand, which includes refinery runs and crude burn, increased 9.2% to 547,000 barrels per day.

Stocks showed a 5,000 bpd depletion at the end of August, compared to a 41,000 bpd build-up in July.

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