Iraq slashes production under OPEC-plus pressure

April output in federal Iraq dropped by 100,000 bpd, with cuts coming mostly from state-run fields in Basra.
The state-run Iraqi Drilling Company inaugurates its largest drilling rig, IDC 57, at the Majnoon oil field, in May 2024. The 3,000 horsepower rig can drill to depths of up to 8,500 meters. (Photo credit: Oil Ministry)

Oil production in federal Iraq dropped by 100,000 barrels per day (bpd) in April, as the government took action toward complying with OPEC-plus quotas.

Iraq's crude output had been climbing steadily in February and March, but the Oil Ministry came under pressure from other producing countries at an April 3 OPEC-plus meeting to adhere to production caps and make extra cuts to compensate for past overproduction.

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