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Iraq to Maintain July Oil Output at 4 Million Barrels Per Day, Will Compensate Overproduction

Jul 13, 2024, 07:46 PM

The Iraqi Oil Ministry has announced its decision to maintain oil output at 4 million barrels per day for July and the upcoming months. This decision comes as Iraq reaffirms its commitment to voluntary production cuts and the OPEC+ agreement. Despite producing 184,000 barrels per day above the agreed quota in June, Iraq has pledged to compensate for any overproduction since the beginning of 2024. The move is part of broader efforts to stabilize global oil prices amidst ongoing economic challenges caused by the COVID-19 pandemic. The compensation period will end by September 2025, according to a statement from the ministry.