Iraq will reduce crude oil production levels starting from October, according to a statement by the Iraqi Minister of Oil, Thamer Ghadhban.
Ghadhban assured Iraq’s commitment to the output cut agreement, noting that raising production was necessary to meet higher local demand during summer.
Iraq’s crude oil production increased to 4.62 million per day (b/d) in July, recording its highest monthly output since January 2017.
Moreover, Iraq’s current rate of gasoline production stands at 14.29 million liters per day (b/d), increasing by 24.4% compared with an average of 11.485 million liters per day in 2018, while gas oil production rose by around 43.24% in 2019 to 11.23 million liters per day from 7.84 million liters per day last year.
Meanwhile, the Iraqi government is in negotiations over unifying oil exports with the northern Kurdistan Region of Iraq (KRI). Talks are reportedly in an advanced stage, Reuters reported.
Increased production in Iraq and Nigeria led the Organization of the Petroleum Exporting Countries (OPEC) to record its first monthly increase in oil output this year during August.