After record year, Iraq readies OPEC cuts

Iraq exported more oil in 2016 than any previous year, but now it must reduce overall production in keeping with an OPEC quota aimed at raising oil prices.
After record year, Iraq readies OPEC cuts
Workers at drilling rig No. 7 at the East Baghdad oil field. (KAMARAN NAJM//Metrography/Iraq Oil Report)

Iraq's federal government exported nearly 10 percent more oil in 2016 than it did the year before, though the Oil Ministry is cutting production in the new year as part of an OPEC agreement to pare global supplies and boost the price of oil.

Not only did major fields increase production over the course of the year, but the Oil Ministry has been revamping its southern export system to accommodate the new volumes. In the north, a tenuous political deal with the autonomous Kurdistan Regional Government (KRG) also unlocked some exports from federally operated fields in Kirkuk.

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