US agency: Iraq produced less than its OPEC market share.
US agency: Iraq produced less than its OPEC market share.
2025-07-13 01:23
Shafaq News – Washington / Baghdad
Iraq produced less than its market share under the OPEC+ agreement, according to S&P Global Commodity Insights.
The agency stated in a report seen by Shafaq News that Iraq reduced its production by 56,000 barrels per day in June from its OPEC quota to compensate for the excess production it had been producing in previous months.
She said that Iraq produced 4.03 million barrels per day last June, which is less than its OPEC quota of 4.86 million barrels per day.
The agency added that the UAE, Kuwait, and Algeria also reduced their production below their quota, while Saudi Arabia and Nigeria increased their production above their quota.
Recently, OPEC agreed to increase its quotas by 548,000 barrels per day in August. OPEC attributed this move to “the stable global economic outlook and sound market fundamentals.”
However, oil prices remained in the $70 range, and some voluntary producers—including Iraq, one of the world’s largest producers—did not significantly increase production in line with the quota increases.
Energy experts predict an oil oversupply, which could drive prices down in late 2025, once the 2.2 million barrels per day cuts are phased out.
The group will meet again on August 3 to review September production levels. It may suspend, cancel, or increase future quota increases, as circumstances warrant.
shafaq.com
