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Iraq Begins Reducing Oil Output


Iraq has begun to implement measures to reduce its national oil output in line with their agreed “adjustment” as part of an OPEC and non-OPEC production cut, Reuters reports, citing a statement from Iraq’s oil minister. Iraq’s ceiling for 1H17 output (effective from January this year) is 4.35M b/d, which compares with November output of 4.56M b/d, according to OPEC’s secondary source data. However, Iraq’s Prime Minister Haider al-Abadi had stated earlier this month that the autonomous Kurdish region was exporting more than its agreed allocation as part of a former budget between Iraq’s federal government and the Kurdistan Regional Government.