On Thursday, Iraq’s oil ministry and state oil marketer SOMO said that the country would do an additional oil production cuts above its quota in August to compensate for its lack of compliance with OPEC+ output cut pact.
This month, Iraq will cut its oil production in line with its quota of 1.06 million bpd but with an additional 400,000 bpd to make up for its overproduction in May and June.
The country again expressed its commitment to the Organization of the Petroleum Exporting Countries and allies (OPEC+) oil production cuts agreement started in May.
Last month, Iraq’s total oil shipments averaged at 2.763 million bpd.
