Iraq’s crude oil production rose in October and exceeded its quota and compensation target under the OPEC+ agreement, Argus reported on Thursday, quoting state oil marketing firm SOMO. Oil production in Iraq, OPEC’s second-largest producer and a regular non-compliant member of the OPEC+ pact, increased to 3.842 million barrels per day (bpd) in October, up by 242,000 bpd compared to September, and slightly above its quota of 3.804 million bpd for August-December. Considering that Iraq has pledged deeper reductions in its oil production between September and December to compensate for its non-compliance earlier this year, OPEC’s number two exceeded that compensation schedule by 203,000 bpd in October, according to SOMO figures cited by Argus. Iraq not only increased its oil production in October, but it is also estimated to have boosted its crude oil exports last month. Iraq exported an average of 2.876 million bpd in October, up by […]