Output from the West Qurna-II field in southern Iraq averaged 413,000 b/d in the second quarter of the year. This was a hefty 9% quarter-on-quarter increase, although output in Q1 was considerably lower than previous quarters. West Qurna-II is operated by Russia’s Lukoil with a 75% stake. The remaining 25% is held by the state-owned North Oil Company.
Output over the first half of 2017 averaged 400,000 b/d, against 412,500 b/d in the same period last year. Lukoil attributes the slight fall to Iraq’s obligations under the November 2016 Opec agreement, whereby Iraq pledged to cut production by 210,000 b/d (4.6%) from October 2016 levels. Assuming output remains fairly steady for the remainder of 2017, full year production will be slightly below 2016’s record (see chart).
