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VisitIraq 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.
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Markets
No • 50%
Yes • 50%
Public statements or press releases from the IOCs or reports from reputable news agencies
No • 50%
Yes • 50%
Official OPEC announcements or statements from Iraq's Ministry of Oil
No • 50%
Yes • 50%
Reports from Iraq's Ministry of Oil or OPEC publications
140,001-160,000 b/d • 25%
140,000 b/d or less • 25%
160,001-180,000 b/d • 25%
More than 180,000 b/d • 25%
Data from Iraq's Ministry of Oil or OPEC reports
No confirmation by any entity • 25%
An International Oil Company • 25%
Iraq's Ministry of Oil • 25%
Kurdistan Regional Government • 25%
Public announcements or press releases from involved entities
Full allocation granted • 25%
Partial allocation granted • 25%
No allocation granted • 25%
Dispute unresolved • 25%
Official statements from the Iraqi government or KRG, or reputable news reports