29 Nov 2024 Issue: 67 / 48 By: Yesar Al-Maleki
Iraq is a chronic Opec+ ‘overproducer’. But pressure to cut output going forward to compensate for this year’s overproduction threatens to leave a large hole in the country’s 2025 finances.
Iraq is coming under pressure from fellow Opec+ members to compensate for this year’s crude overproduction. The grouping looks likely to extend its ‘voluntary’ cuts when its ministers meet next week (MEES, 29 November). Iraqi output has fallen in recent months. But at 4.09mn b/d as assessed by MEES for October, it remains well above its 4mn b/d allocation.
Presuming that Iraq succumbs to pressure to cut output further over the coming months, and leaving aside the potential impact of Opec+ policy on oil prices, substantially lower exports have the potential to blow a hole in Iraq’s finances next year. (CONTINUED – 1144 WORDS)
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Tables
Iraq Revenue And Spending ($bn)
REFERENCED MEES ARTICLES
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