Iraq produced 4.35 million bpd of oil in December: S&P Global

ERBIL (Kurdistan24) – OPEC+ crude production rose by 130,000 barrels per day (bpd) from November to December, for a total of 42.73 million bpd, according to the latest Platts survey by S&P Global Commodity Insights released on Wednesday.

While OPEC+ has stated that it is trying to overcome a weak market outlook, new production cuts implemented at the start of the new year may result in a tightening of the organization's supplies.

Its 13 members produced 27.98 million barrels per day in the month, an increase of 160,000 barrels per day compared to November, while its 10 non-OPEC allies, led by Russia, produced 14.75 million barrels per day, a decrease of 30,000 barrels per day.

However, this was countered by a 60,000 bpd increase from Iraq, whose output is increasing from the Kurdistan Region, as well as higher domestic crude burn for power generation. In December, Iraq produced 4.35 million bpd, above its quota of 4.22 million barrels per day, and its habitual noncompliance has led other members to call for tightening quota enforcement, the S&P report further added.

Other OPEC+ countries have also agreed to make deeper cuts totaling 696,000 barrels per day (b/d) in the first quarter, including Iraq, the UAE, Kuwait, Algeria, Kazakhstan, and Oman.

Created in 2016, OPEC+ is an umbrella term to include an unofficial extension of OPEC, and it comprises non-member states that associate with the organization, including Russia, Kazakhstan, Azerbaijan, Mexico, and Oman, among others.

Editing by Dastan Muwaffaq