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Iraq Urges Lower KRG Output to Meet OPEC Target

OIL

Iraq’s prime minister Mohammed Shia al-Sudani is urging the Kurdistan Regional Government (KRG) to cut crude output to help reach the lower OPEC+ production quota according to Argus.

  • The volume output from the semiautonomous northern territory is however not clear as Iraq looks to concentrate on Basrah grade exports from the south.
  • Iraq production has been above the OPEC+ quota since July which falls further this month.
  • Iraq's production was 110kb/d above target in December at 4.33mb/d according to Argus and the quota this month falls to 4mb/d until the end of March.
  • KRG output is estimated at 240kb/d based on Somo December production data.
  • KRG output was around 470kb/d before a dispute between Turkey and Iraq halted pipeline exports to Ceyhan in March 2023.
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