Despite innumerable pledges and promises, MEES estimates that Iraqi crude production topped 3.9mn b/d in October – up from 3.66mn b/d in September and well in excess of the volumes needed for Iraq to fall in line with its Opec+ compensation commitments (MEES, 4 September).

While Iraq typically attributes poor compliance to independent production from the Kurdistan Region, it has no opportunity to do so this time. Federal exports from the southern terminals offshore Basra jumped by more than 250,000 b/d last month in open defiance of Opec. (CONTINUED - 562 WORDS)