Iraq last month pledged to its fellow Opec+ producers that it would cut output to 3.905mn b/d for September to make up for past overproduction (MEES, 23 August). This implies a massive 360,000 b/d cut versus August’s 4.27mn b/d output which was 270,000 b/d above its 4mn b/d quota.
But its plan to achieve this, never mind further cuts needed to make up for the August overproduction – Iraq is due to submit a revised compensation plan to Opec this month – depends not only on cuts to output at fields under Baghdad’s control, but also those lying outside of its control in the semi-autonomous Kurdistan Region. And, while early indications point to a drop in Federal output this month, there are no indications of Kurdistan cuts. (CONTINUED - 917 WORDS)
