Iraq’s crude oil production fell to 4.32 million barrels per day (b/d) in August, the Iraqi Oil Minister, Jabbar El Luaibi said, according to Bloomberg.
This production figure puts Iraq into compliance with the production-cut agreement between OPEC and major, non-OPEC oil producers, he stated.
Under the agreement, Iraq is to cut production to 4.35 million b/d.
The figure, however, does not include production or shipments from the areas under the control of the Kurdish Regional Government (KRG), El Luaibi noted.
Output from Kurdish regions, according to Bloomberg, accounts for approximately 10% of Iraq’s production. Bloomberg’s data indicates that KRG shipments were up 31,000 b/d to 581,000 barrels a day in August.
Iraq received an average price of $46.22 per barrel in August, Reuters reports.