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Iraqi Oil Production Falls Below OPEC+ Quota Amid Compliance Efforts

Iraq's oil production in September was below its OPEC+ quota, producing 3.94 million barrels per day, as the country aims to improve compliance with its production targets.

In September 2024, Iraq's oil production fell to 3.94 million barrels per day (bpd), falling short of its OPEC+ quota of approximately 4 million bpd. This development was confirmed by an Iraqi official, who attributed the shortfall to decreased exports, reduced domestic consumption, and a decline in output from the Kurdistan Region. The official's statement contradicts a Reuters survey published on October 3, which reported that Iraq had exceeded its quota by 90,000 bpd in September.

The discrepancy between the official figures and the Reuters survey highlights ongoing challenges in accurately tracking oil production levels. Iraq's efforts to adhere to its OPEC+ commitments come amid broader discussions within the organization about compliance with production quotas. Iraq, along with Kazakhstan, has pledged to make compensation cuts to offset previous overproduction.

The issue of quota compliance remains a significant focus for OPEC+, particularly concerning Iraq and Kazakhstan. Both countries have committed to reducing their production by 123,000 bpd in September and further cuts in subsequent months to compensate for past overproduction. This commitment was reiterated during a recent meeting of OPEC+ ministers, where Iraq, Kazakhstan, and Russia confirmed their adherence to the agreed cuts.

Iraq's production strategy includes plans to reduce output to between 3.85 million and 3.9 million bpd as part of its compensation efforts. The country's adherence to these targets is crucial for maintaining stability within the OPEC+ framework and ensuring balanced global oil markets.

The ongoing adjustments in Iraq's oil production underscore the complexities of managing national output in alignment with international agreements, particularly in a region with diverse geopolitical and economic pressures.

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