Iraq reduces November oil output in line with OPEC+ quota: SOMO data

Shafaq News/ Iraq produced 4.43 million barrels per day (bpd) of crude in November, down by 221,000 bpd from October, data from state-owned marketer SOMO seen by Reuters showed on Thursday.

According to the production figures, Iraq's output was in line with its quota under the OPEC+ agreement for November, as it has been since June.

But secondary sources used by the OPEC secretariat to determine compliance have placed Iraq’s production below SOMO’s own figures in May-October this year.

At 4.431 mln bpd, Iraq's November ceiling was 220,000 bpd lower than October's. Iraq achieved the decline by reducing internal consumption by 92,000 bpd, exports by 63,000 bpd, while stock levels fell, the data from SOMO show.

In October, Iraq's then-oil minister Ihsan Abdul Jabbar said the country would adhere to its OPEC+ quota by managing internal oil consumption to preserve export capabilities.