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Iraq Nov crude output below Opec+ target: Somo
Iraq's crude production dropped by 96,000 b/d on the month to 4.093mn b/d in November, according to state-owned Somo, leaving output 127,000 b/d below its Opec+ output target. Iraq has been one of the Opec+ group's serial overproducers, exceeding its target by an average of 123,000 b/d between August-October. But Baghdad in November confirmed its commitment to its pledged output target and gave repeated assurances during the Opec+ meeting on 30 November that it will fully comply with the cuts. The recent Opec+ meeting resulted in Iraq's output target being reduced to 4mn b/d, effective from 1 January. Export loadings ... (full story)