OPEC’s second-largest producer, Iraq, is one of the OPEC+ members struggling to boost its oil production as much as its quota in the pact allows, with January output 120,000 barrels per day (bpd) lower than its production ceiling, according to data from state marketing firm SOMO seen by Reuters . The figures from SOMO showed that instead of rising, oil production in Iraq dropped in January by 63,000 bpd from December. This was due to insufficient storage capacity, an oil official in Iraq told Reuters. Exports from the second-largest OPEC producer after Saudi Arabia declined in January because of bad weather, maintenance of export terminals, and technical issues, the official said. Unplanned outages and a lack of capacity to pump more led to lower or stagnant production in January at OPEC members Iraq, Iran, Angola, Congo, and Libya, a Reuters survey showed earlier this week. Iraq and several other […]