Iraq to Lower Oil Production to Compensate for OPEC Breach
- Nation to pump 3.6 million barrels daily in January, February
- SOMO says cuts depend on Kurdish government being in agreement
The Zubair oil and gas field.
Photographer: Haidar Mohammed Ali/AFP/Getty Images
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Iraq plans to cut oil output in January and February to make up for breaching its OPEC+ quota last year, according to the state company that markets the nation’s crude.
OPEC’s second-biggest producer will pump around 3.6 million barrels daily for the two months, according to Ali Nizar, the deputy head of SOMO. That would be the lowest level since early 2015 and compares with around 3.85 million in December, according to data compiled by Bloomberg.