Bolstered by higher export volumes and rising global prices, both the Iraqi federal government and the Kurdistan region achieved one-year highs for monthly oil revenue.

Nationwide oil production held at just over 4 million bpd in January, as Iraq positions itself for a meeting of the OPEC-plus coalition that will determine quotas for the second quarter of 2021.

Federal Iraq's oil revenues hit a 10-month high in January, while the Kurdistan region's sales dipped slightly.

After a record-setting 2019, annual oil output fell by about 760,000 bpd as Iraq made extraordinary cuts to help support global prices.

Oil exports ended 2020 on a relative high note, but the year saw federal Iraq post its lowest annual export volumes since 2014 and worst revenue total in more than a decade.

Despite ongoing OPEC-plus efforts to limit global supply, Iraq increased oil output as the government desperately seeks revenue to narrow record deficits.