Iraq Busted Its OPEC+ Oil Production Quota In October

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…