Iraq seeks exemption from OPEC export cut deal next year
Iraq is looking to be exempted from an OPEC+ deal which plans to curb oil production for the first quarter of 2021. However, the country will adhere to the cuts for the next three months, according to Oil Minister Ihsan Abdul Jabbar on Wednesday.
Abdul Jabbar said on August that Iraq had agreed to cut its oil production further by 400,000 barrels per day, in addition to a cut of 850,000 barrels per day for August and September in order to level out its overproduction in the previous months.
The country’s total oil exports reached around 2.6 million barrels per day in August, falling by 2.763 barrels per day in July, according to the ministry.
OPEC+ has currently limited output by 7.7. million barrels per day in order to support prices as the COVID-19 crisis continues to hamper demand.
Iraq’s economy relies solely on its oil exports for state revenue.