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UPDATE 1-Iraq says will make additional oil cuts in August

Published 06/08/2020, 13:14
Updated 06/08/2020, 13:18
© Reuters.

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DUBAI, Aug 6 (Reuters) - Iraq said on Thursday it would make
an additional cut in its oil production of about 400,000 barrels
per day in August to compensate for its overproduction over the
past period under the OPEC+ supply reduction pact.
Iraq says the oil output cut in August will be over and
above the agreed cut for August, according to a statement by
Iraq's oil ministry and state oil marketer SOMO.
The Organization of the Petroleum Exporting Countries and
allies, known as OPEC+, began a record supply cut in May to
bolster oil prices hammered by the coronavirus crisis. Iraq is
cutting output by 1.06 million bpd under the deal.
Iraq says it is committed to the OPEC+ agreement and will
boost compliance. Iraq had told OPEC+ it would make up for
over-production in May and June through larger cuts in later
months.
Iraq's total oil exports for July averaged 2.763 million
barrels per day (bpd).

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