Decline in OPEC production following cuts by three countries including Iraq

Shafaq News / The oil production of Iraq dropped last month amid reductions by Iran and Nigeria.

According to Bloomberg, OPEC's output declined to 140,000 bpd, slightly exceeding 28 million bpd. Iraq and Nigeria experienced the most significant cuts, reducing production by approximately 50,000 bpd each.

Expectations indicate a further decline in production next month as the group and its allies are set to implement new supply cuts, approaching nearly 900,000 bpd.

Iraq's production decreased to 4.29 million bpd in October, facing challenges in restarting the export pipeline, which halted last March amid disputes with the Kurdistan region (KRI) and neighboring Turkey.

Furthermore, Iran faced the second-largest decline, with its production dropping by 40,000 bpd to reach 3.07 million bpd.