Russia’s second-largest producer, Lukoil, is eager to increase its oil production in Iraq once the production cuts of the OPEC+ group end, Egor Zubarev, Managing Director of Lukoil Mid-East, told Bloomberg . Iraq’s current crude oil production is capped at around 3.6 million barrels per day (bpd) under the OPEC+ pact, but the country needs to make additional deeper cuts by the end of the year to compensate for the lack of compliance with the agreement in previous months. Due to the OPEC+ deal, Iraq told the international oil majors working on its large oilfields to cut crude oil production . Exxon, BP, and Lukoil are among the largest foreign producers in Iraq, and all were asked to reduce output. Still, Iraq has failed to fully comply with the cuts, while the oil price crash has severely constrained its budget, oil sales being the main source of income for […]