After three months of much-scrutinized crude overproduction, Iraq has finally closed in on full compliance with its Opec+ commitment and has begun the path toward compensation, as suggested by preliminary August export figures released 1 September.

The figures from state marketer Somo show that federal exports fell to 2.60mn b/d – down from 2.76mn b/d in July and 3mn b/d in May-June. Based on this MEES estimates Iraq’s August production at 3.59mn, down from 3.66mn b/d for July. (CONTINUED - 397 WORDS)