SULAIMANI (ESTA) — Iraq pumped 4.16 million barrels per day (bpd) of oil in January, below its allowed limit of 4.28 million bpd under a pact with other so-called OPEC+ producers, data from state-owned marketer SOMO showed on Thursday.
Iraq like several other OPEC members is struggling to pump more even as prices trade at a seven-year high.
Its output actually fell by 63,000 bpd from December, the data seen by Reuters showed.
Iraq’s January exports were affected by adverse weather conditions, technical issues, and maintenance on export facilities, Reuters cited an Iraqi oil official as saying.
Insufficient storage capacity forced Iraq to reduce production, the source told Reuters.
The SOMO figures included output from the Kurdistan Region, which produced 425,000 bpd, Reuters reported.
Iraq’s undersupply meant its compliance with the OPEC+ pact stood at 132% last month, the SOMO figures show.
OPEC+, a grouping of the Organization of the Petroleum Exporting Countries and allies led by Russia, uses an average of secondary source production figures to determine compliance.
(Esta Media Network/Reuters)
