The federal Iraqi government has asked the Kurdistan Regional Government to reduce oil production by 120,000 bpd, Reuters reported , citing the Iraqi News Agency. The federal government is negotiating several scenarios for production cuts with the KGR, the report went on to say, as the northern semi-autonomous region produces a sizeable chunk of Iraq’s total oil output and needs to participate in the country’s compensatory cuts, necessitated by its earlier failure to stay within its production quota under the OPEC+ production cut agreement. As of April this year, Kurdistan was exporting about half a million barrels of crude oil daily. After OPEC+ struck an agreement to cut production by 9.7 million bpd, Iraqi’s then-oil minister Thamer al-Ghadhban said that Kurdistan will also take part in the cuts. Baghdad and Erbil are currently also negotiating a new budget deal for the semi-autonomous region. Iraq is OPEC’s second-largest crude oil […]