Iraq Says It's Gone Deeper Than Its Pledged OPEC Production Cut
- Minister says Baghdad doesn’t know much about Kurdish exports
- Too early to decide whether OPEC deal needs to be extended
JPMorgan’s Kemery on OPEC and the Global Oil Glut
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Iraq said it has gone deeper than its pledged oil-output cut, potentially ending a seven-month period in which OPEC saw the nation falling short of its agreed curbs.
The second-largest producer in the Organization of Petroleum Exporting Countries is pumping 4.32 million barrels a day of oil, below the 4.35 million target agreed last year, Iraqi Oil Minister Jabbar Al-Luaibi said on Friday. However, he said the government in Baghdad doesn’t have reliable figures for shipments from the semi-autonomous Kurdish region, which accounts for about a tenth of the nation’s production, according to data compiled by Bloomberg.