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Iraq Begins Reducing Oil Output

Oil

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.