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Iraq Confirmed Commitment to OPEC Quota

OIL

Iraq’s oil ministry confirmed its commitment and support of the OPEC+ production quotas, following reports of higher crude oil exports in October, INA reported.

  • The change in export levels of some OPEC producers is a normal issue and can be influenced by changed in domestic demand. This does not affect agreed production levels by the producers group.
  • Iraq’s crude oil exports last month stood at 3.534mbpd, up from 3.438mbpd in September and the highest level since March, preliminary data from Iraq’s oil ministry showed.
  • The latest Platts survey suggested Iraqi crude oil production stood at 4.4mbpd, above its 4.22mbpd OPEC quota, which includes this year’s voluntary production cuts.
Energy BulletsCommodities
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