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.
Personnel from the state-run Iraqi Drilling Company (IDC) operate a drilling rig at the Zubair oil field in Basra in September 2024. (Photo credit: IDC)
Iraq is taking steps to reduce crude output as it comes under renewed pressure from the OPEC-plus producers group to adhere to quotas and help support global oil prices.
The Oil Ministry ordered production cuts of roughly 200,000 barrels per day (bpd) at the end of August, which helped reduce federal output to 4.53 million barrels per day (bpd) for the month, down from 4.57 million bpd in July, according to an Iraq Oil Report analysis based on data gathered independently from producing fields.* September’s average production is set to fall further, assuming the late-August reductions are sustained.
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