Iraq acknowledges OPEC+ overproduction, vows compensation and quota adherence
Iraq on July 13 acknowledged it produced 184,000 b/d over its OPEC+ quota in June, based on secondary sources estimates, and pledged to compensate for its excess output by a September 2025 deadline under the latest OPEC+ agreement by making additional cuts of equivalent volume. OPEC’s second largest oil producer has habitually pumped more crude than allowed for under its OPEC+ quota, drawing the ire of other members, but said in a statement that it will adhere to the 4 million b/d limit for the coming months. Iraq has not ...
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