Iraq May Ask for Two Month Extension for Extra OPEC+ Output Cuts
- Comes after pumping more than its quota earlier this year
- Country’s August output was 3.72 million b/d: Bloomberg Survey
Photographer: Oleg Nikishin/Getty Images
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Iraq said it may seek a two month extension to implement the extra production cuts it’s carrying as part of the OPEC+ deal, suggesting that Baghdad wouldn’t be able to reduce its output as quickly as it previously promised.
The country pumped above its OPEC+ output quota earlier this year and as a result it’s now making deeper cuts to compensate. Initially, Baghdad promised to resolve the matter in August and September, but now it’s signaling it may need a bit longer.