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Iraq Oil Output Down 9% in June, But Still Above Quota Set by OPEC+

Iraq Oil Output Down 9% in June, But Still Above Quota Set by OPEC+ Iraq Oil Output Down 9% in June, But Still Above Quota Set by OPEC+

Iraq's oil production, including output from the semi-autonomous Kurdish region, fell 9% in June but was still above the amount it agreed to in the historic OPEC+ output cuts, official figures released July 11 showed.
June production averaged 3.698 million barrels per day vs 4.068 million bpd in May, state-oil marketer SOMO said. 
The country, OPEC's second-largest producer, had agreed to limit output to 3.592 million bpd in the OPEC+ cuts started in May. Production was estimated in the latest S&P Global Platts survey at 3.7 million b/d in June, nearly a five-year low. 
Iraq has pledged to make up for its overproduction in July, August and September with extra cuts.
Total exports, including those from the Kurdish region, declined 11.4% to 3.218 million bpd from 3.633 million bpd in May, according to the SOMO data.
Exports from Baghdad in June fell to an average 2.816 million bpd. In May, Iraq's exports averaged 3.212 million bpd.
OPEC and its allies, including Russia, rolled over their 9.6 million bpd in collective production cuts through July to help bolster the market as demand emerges from the depths of COVID-19.

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