The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, began a record supply cut in May to bolster oil prices hammered by the coronavirus crisis. Iraq is cutting output by 1.06 million bpd under the deal.
Iraq says it is committed to the OPEC+ agreement and will boost compliance. Iraq had told OPEC+ it would make up for over-production in May and June through larger cuts in later months.
Iraq’s total oil exports for July averaged 2.763 million barrels per day (bpd).