Oil production in Iraq fell to the agreed level in October according to a survey – Commerzbank
|According to a Reuters survey, oil production in Iraq fell to just under 4 million barrels per day in October, thus meeting the requirements of the OPEC+ agreement without taking the promised compensatory cuts into account.
Total OPEC oil production rises
“For the first time since the beginning of the year, the survey also showed that production in the nine countries bound by quotas (OPEC-9) was at the agreed level. Total OPEC oil production, by contrast, rose by 190,000 barrels per day because production in Libya normalised again after the outages in the previous two months.”
“The situation is similar in the Bloomberg survey. Here, too, total OPEC production rose, while production by the OPEC-9 fell. However, in this survey, Iraq's production was still 120,000 barrels per day above the agreed level.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.