SULAIMANI (ESTA) — Iraq’s representative at OPEC said the organisation had agreed to the country increasing its output to 4.5 million barrels of oil per day (bpd) starting from June, the state news agency (INA) reported on Saturday.
There will be further increases of 50,000 bpd in output in each of the months July, August and September, INA added, citing Muhammad Saadoun’s statements, according to Reuters.
Iraq pumped 4.43 million barrels per day (bpd) of oil in April, 16,000 bpd above its OPEC+ quota for that month, according to data from state-owned marketer SOMO seen by Reuters on May 11.
For Iraq, OPEC’s second-largest producer, oil revenue represents at least 95% of its income. It has been hit by the collapse in demand and oil prices in the last two years, caused by the COVID-19 pandemic.
