Iraq produced more than 650,000 barrels per day (bpd) above its target output level in May and is now being asked to make up for its non-compliance in future months . Rystad Energy estimates Iraq’s actual ability to cut more barrels is limited to between 300,000 and 500,000 bpd. Achieving any output target below 4 million bpd is overambitious given Iraq’s dire economic need for oil revenues right now. Out of the 650,000 bpd, Iraq has asked international companies such as BP, ExxonMobil, and Lukoil to help out with 350,000 bpd of cuts in the Basrah region, and the state operator – Basra Oil Company (BOC) – to cut the remainder 300,000 bpd. Iraq committed to OPEC to produce 57,000 bpd below its target production level of 3.75 million bpd in July and then go deeper and come in 258,000 bpd below in August and September against the slightly […]