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Energy

Iraqi oil exports recede as OPEC-plus extends cuts

Iraq's oil sales continued a slow decline in November as the OPEC-plus coalition decided quotas will stay lower for longer.

Iraqi Prime Minister Mohammed Shia al-Sudani (center) receives Russian Deputy Prime Minister Alexander Novak (third from left) and Saudi Energy Minister Abdulaziz bin Salman Al Saud (third from right) in Baghdad on Nov. 26, 2024. (Photo credit: Prime Minister's Office)

August production falls as Iraq initiates cuts

Renewed OPEC-plus pressure pushes Iraq to cut at least 100,000 bpd from state fields and accelerate maintenance plans at other projects in a bid to improve quota compliance.