Iraq continues to pump more of its oil in compliance with “OPEC +”

Baghdad About 13 OPEC countries pumped 28.04 million barrels per day of crude oil, during the month of December, an increase of 190,000 barrels per day from November, while nine non-OPEC partners pumped 13.98 million barrels per day, an increase of 120. A thousand barrels a day.

The "Standard & Poor's Global Platts" platform stated during a survey, that "the gains of Venezuela, Kazakhstan, Saudi Arabia, Iraq and Angola exceeded the losses of Libya and Nigeria, which made the increase in OPEC + production for the tenth month in a row."

It added that 14 of the 18 members had quotas that did not meet their targets, including even its largest producer Russia, whose compliance level rose above 100% for the first time since February, when harsh winter temperatures shut down wells and reduced pipeline flows.

The platform survey found, "Total compliance with OPEC+ quotas jumped to 116.5%, the highest level since the alliance introduced record production cuts in the spring of 2020, with the 19 members submitting to production targets to pump about 620,000 bpd below their common ceiling."

According to the survey, Iraq continued to exceed its share, which rose by 60 thousand barrels per day in the month, to reach its production of 4.310 million barrels per day, from 4.250 million barrels per day last November, bringing the percentage of commitment and compliance to 82.2 percent.

Saudi production amounted to 9.95 million barrels per day, and production increased by 60 thousand barrels per day, with a commitment rate of 106.9 percent.

Among the losers, Libya fell to its lowest level in one year at 1.05 million barrels per day, due to protests that closed several major oil fields and a major terminal, while Nigeria suffered more operational and technical problems that led to a decrease in production to 1.38 million Barrels per day.

Source: National Iraqi News Agency