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Iraq cuts its oil production by 400,000 barrels per day in August 2020
4 September 2020
Iraq confirmed that it would implement additional cuts to its oil production by about 400 thousand barrels per day in August to compensate for surplus production in the previous period under the “OPEC +” agreement to reduce production.
According to “Reuters”, a statement issued by the Iraqi Oil Ministry and the Iraqi Oil Marketing Company (SOMO) said that the oil production cuts in August will be more and higher than the agreed upon for this month.
The Organization of the Petroleum Exporting Countries “OPEC” and its allies, the so-called “OPEC +”, began a record supply cut in May 2020 to support oil prices, which were hit by the Corona virus crisis. Iraq cuts its production by 1.06 million barrels per day, under the agreement.
The Iraqi government says it is committed to the “OPEC +” agreement and will enhance compliance with it. Iraq had told OPEC + group that it would compensate for the excess production in May and June through larger cuts in the following months.
The average of Iraq’s total oil exports in July 2020 was 2.763 million barrels per day. And the Iraqi Oil Ministry said in a recent statement that the country’s total average oil exports amounted to 2.763 million barrels per day in July. The ministry sources added that the exports included 2.668 million barrels per day from the southern oil fields in Basra, and that the revenues of total exports amounted to 3.487 billion dollars. The average price per barrel was $ 40.70.
Iraq, whose budget is almost completely dependent on oil revenues, was sharply hit by the drop in crude prices during the Corona pandemic crisis, and it also reduced its exports to comply with the production cuts set by the Organization of the Petroleum Exporting Countries (OPEC).
