Iraqi President Fuad Masum stated on March 26 that Iraq supports OPEC’s agreement to cut oil output, Reuters reported.
Iraq is the second largest member of OPEC following Saudi Arabia. The country has limited its crude production in compliance with the OPEC pledge to cut supply by about 1.2 mb/d as a part of a deal with Russia and other nations.
The agreement will cut combined oil output to 1.8 mb/d by the end of 2018.
Iraqi exports fell to around 96 million barrels of oil in February 2018, generating revenues of $5.726 billion, the oil ministry has announced.
Data published by the State Oil Marketing Firm (SOMO) reveals that the country exported 108 million barrels in January, 109.5 million barrels in December and 105 million in November. Revenues were $6.772 billion, $6.503 billion and $6.021 billion respectively, marking month-on-month drops in output.
These figures refer to oil exported from the Basra terminal only. Activity remains at a standstill in the northern province of Kirkuk after Iraqi forces retook Kurdish territory following the independence referendum in September 2017.