Shafaq News/ Iraq reduced its oil production by approximately 60,000 barrels per day (bpd) in October, according to S&P Global Commodity Insights.

OPEC+ oil production increased by 30,000 bpd monthly in October, with a significant recovery in Libyan production largely offset by Kazakhstan, Iraq, and Iran reductions.

Iraq's oil production decreased by around 60,000 bpd to 4.14 million bpd, primarily due to reduced export volumes and refinery operations. Nevertheless, Iraq, which has also submitted compensation plans, remained above its quota by about 235,000 bpd.

Platts assessed the latest Brent crude price at $74.07 per barrel on November 8, down from the 2024 high of $93.35 per barrel in April and below the fiscal breakeven prices for most members, according to Commodity Insights estimates.

A source familiar with Commodity Insights stated that the eight countries voluntarily cutting oil production - Iraq, Algeria, Saudi Arabia, Russia, Oman, Kazakhstan, Kuwait, and the UAE - have postponed the return of barrels as they lacked a "clear outlook on Chinese demand" in the future.