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OIL: Iraq Cut Production 260kb/d in September to Below OPEC Quota: SOMO

OIL
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Iraq cut production 260kb/d to 3.94mb/d in September taking output below its OPEC+ quota of 4mb/d, Mohammed Al-Najjar at SOMO said cited by Bloomberg. 

  • The Kurdish region cut output by 140kb/d, while the south of Iraq reduced by 120kb/d, he said.
  • Output at state-operated fields in Basra including Majnoon was reduced by a combined 100kb/d from Aug. 27, with a further 20kb/d cut at the Nasiriyah field.
  • OPEC continues to emphasize the critical importance of achieving full conformity and compensation after previous overproduction by Iraq, Kazakhstan, and Russia.
  • A Platts survey last week showed Iraq reduced output by 130kb/d to 4.2m b/d in September but still 200kb/d above its quota. OPEC are due to publish the updated data in the Monthly Oil Market Report due later today.
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Iraq cut production 260kb/d to 3.94mb/d in September taking output below its OPEC+ quota of 4mb/d, Mohammed Al-Najjar at SOMO said cited by Bloomberg. 

  • The Kurdish region cut output by 140kb/d, while the south of Iraq reduced by 120kb/d, he said.
  • Output at state-operated fields in Basra including Majnoon was reduced by a combined 100kb/d from Aug. 27, with a further 20kb/d cut at the Nasiriyah field.
  • OPEC continues to emphasize the critical importance of achieving full conformity and compensation after previous overproduction by Iraq, Kazakhstan, and Russia.
  • A Platts survey last week showed Iraq reduced output by 130kb/d to 4.2m b/d in September but still 200kb/d above its quota. OPEC are due to publish the updated data in the Monthly Oil Market Report due later today.