2024-02-01T10:42:05+00:00
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/ Reuters news agency revealed today, Thursday, that despite the voluntary cuts by OPEC members in the framework of the new round, Iraq pumped much higher than the target set for it in the first quarter last month, January.
The agency said in a report that “OPEC oil production last month recorded the largest monthly decline since July, as several members implemented new voluntary production cuts agreed with the broader OPEC+ alliance, and unrest curbed Libyan production.”
“Saudi Arabia made an additional voluntary cut, and the survey found that production in January was 214,000 barrels per day higher than OPEC’s implied target, largely because Iraq, Nigeria and Gabon pumped more than their targets,” she added.
The agency added that “Iraq and Kuwait reduced their production by 140,000 barrels per day as part of the new round of voluntary cuts, although Iraq’s production is still 141,000 barrels per day higher than the country’s announced target for the first quarter.”