OPEC Authorizes Iraq to Increase Output to 4.5 Mln Bpd

OPEC Authorizes Iraq to Increase Output to 4.5 Mln Bpd

Iraq’s representative at OPEC said the organization had agreed to the country increasing its output to 4.5 million barrels of oil per day (bpd) starting from June, the state news agency (INA) reported on Saturday.

There will be further increases of 50,000 bpd in output in each of the months July, August and September, INA added, citing Muhammad Saadoun’s statements.

Iraq pumped 4.43 million barrels per day (bpd) of oil in April, 16,000 bpd above its OPEC+ quota for that month, according to data from state-owned marketer SOMO seen by Reuters on May 11.

Iraq’s March production was impacted by field outages in the south, pushing its output 222,000 bpd below the production ceiling for that month.

Like several other OPEC members, Iraq has struggled to pump more oil at a time of already tight global supply and soaring prices.

Almost half the global shortfall in planned oil supply by OPEC and its allies – a grouping known as OPEC+ – is down to Nigeria and Angola, due to several factors including the exit by Western oil majors from African projects.

OPEC+ produced 1.45 million barrels per day (bpd) below its production targets in March, as Russian output began to decline following sanctions imposed by the