Iraq has agreed with Russia’s Lukoil to start an additional cut of 50,000 barrels a day as of June 13 to lower production from the West Qurna 2 field to around 275,000 b/d.Lukoil cut output by 70,000 b/d in May in response to a request by Iraq’s oil ministry, two Iraqi oilfield managers said on Sunday.
Iraq has told OPEC it would start an urgent plan to cut its oil production gradually to fully comply with its quota, after the group demanded that Baghdad and other laggards adhere to a pact on output curbs.“We will keep lowering production gradually to comply with OPEC quota,” one Iraqi oil official said.
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