Iraq limits production despite Saudi ramp-up

The Oil Ministry has continued to throttle back production at state-run fields with spare capacity, even as Saudi Arabia and Russia prepare to open the taps for a price war.
Iraq limits production despite Saudi ramp-up
Iraqi workers tend to the Tuba oil field in Basra on Feb. 19, 2015. (ESSAM AL-SUDANI/Reuters)

Iraq's production remains near 12-month lows despite Saudi Arabia's new policy of flooding the market with crude and driving down prices.

In February, Iraqi production dropped slightly to about 4.62 million barrels per day (bpd)*, down from 4.66 million bpd in January, according to an Iraq Oil Report analysis based on data gathered from each of the country's fields -- and preliminary data for March suggest output is likely falling further.

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