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Iraq's crude production rises in Jan, above its quota under OPEC cut deal

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Iraq's crude production rises in Jan, above its quota under OPEC cut deal

Dubai — Iraq raised its crude oil production by 110,000 b/d in January, from 4.465 million b/d in December to 4.575 million b/d last month, the country's State Oil Marketing Organization said Sunday.

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The production rise comes despite Iraq pledging to cut production to 4.513 million b/d under a supply accord OPEC and 10 non-OPEC allies agreed in December.

Iraqi oil exports fell by 60,000 b/d in January to 4.08 million b/d, from 4.14 million b/d in December, SOMO said in a statement.

The production figure is lower than S&P Global Platts' estimate of 4.63 million b/d in its latest OPEC production survey. Both data sets include production from the semi-autonomous Kurdistan region.

-- Herman Wang, herman.wang@spglobal.com

-- Edited by Elizabeth Thang, newsdesk@spglobal.com