Iraq to cut oil production by an additional 400K b/d in August

Oil

Iraq has announced it will voluntarily cut oil production by an additional 400K b/d in August, in order to compensate for a lack of compliance with OPEC+ production targets in May and June, according to Reuters reporting on a statement made by Iraq’s oil ministry and state oil marketer SOMO. Iraq’s production quota has recently increased to 3.8M b/d following the easing of OPEC+ cuts from August through December, however there has been increasing pressure from the group for previously under-complying members to make additional cuts. Iraq produced 4.1M b/d in May and 3.7M b/d in June, compared to a quota of 3.6M b/d during this period, according to newswires.