March production continues upward trend

Iraqi oil production increased in March, averaging 4.72 million barrels per day (bpd), up from 4.64 million bpd in February, according to an Iraq Oil Report assessment based on data gathered independently from each of the country’s producing fields. *

Oil output has risen steadily this year despite pressure from the OPEC-plus producers’ group to adhere to voluntary cuts that reduced Iraq’s quota by 220,000 bpd starting in January. Iraqi production did dip in January, to 4.54 million bpd, but then climbed in each of the two subsequent months, according to Iraq Oil Report's assessment. The Oil Ministry's official data show a slight production decline through the first quarter of 2024.