Official OPEC announcements or statements from Iraq's Ministry of Oil

Iraq Secures KRG Commitment to Cut Oil Output to 140,000 b/d for Better OPEC Quota Compliance

Nov 11, 2024, 05:18 PM

Iraq has announced that it has secured a commitment from the Kurdistan Regional Government (KRG) to reduce its crude oil output to 'agreed levels' of 140,000 barrels per day (b/d). This move is aimed at helping Iraq comply with its OPEC+ commitments and achieve better OPEC quota compliance. Although the pact was communicated today, the cuts have been effective since September 1. Iraq stated that the letter confirming the pact was sent in September but was only just received. This follows a late-August ultimatum to the KRG to cut production or risk not receiving its budget allocation. Baghdad has instructed international oil companies (IOCs) to comply, but neither the IOCs nor the KRG have commented yet.