One day after an agreement to improve compliance with historic output cuts, Iraq on June 7 reported its May crude oil production at 4.213 million b/d, well above its OPEC+ quota.
Iraq's state-owned marketing company SOMO said exports were 3.633 million b/d. Federal Iraq and the semi-autonomous northern Kurdistan Regional Government are included in the output and export figures.
The country’s output was well above its quota for May and June of 3.592 million b/d.
Iraq’s oil minister said the country is sticking to adherence to the agreement despite the economic and financial conditions it is facing because it believes in the necessity of solidarity of all producers to save the market of oil.
