OPEC’s second-largest producer, Iraq, is one of the OPEC+ members struggling to boost its oil production as much as its quota in the pact allows, with January output 120,000 barrels per day (bpd) lower than its production ceiling, according to data from state marketing firm SOMO seen by Reuters. The figures from SOMO showed that instead of rising, oil production in Iraq dropped in January by 63,000 bpd from December.
This was due to insufficient storage capacity, an oil official in Iraq told Reuters. Exports from the second-largest OPEC producer…OPEC’s No.2 Fails To Reach Oil Output Quota
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