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Iraq agrees with oil companies on deeper output cuts in June - sources

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Iraq has agreed with major oil companies operating its giant southern oilfields to cut crude production further in June, Iraqi officials working at the fields told Reuters on Sunday.

A general view of the gas field in Basra , Iraq, August 26, 2017. Picture taken August 26, 2017. REUTERS/Essam Al-Sudani

Iraq has agreed with Russia’s Lukoil to start an additional cut of 50,000 barrels per day as of June 13 to lower production from the West Qurna 2 field to around 275,000 bpd. Exxon Mobile Corp has agreed also to cut an additional 70,000 bpd from the West Qurna 1 field to reduce production to around 350,000 bpd in June, the two Iraqi managers said.Lukoil, BP and Exxon were not immediately available for comment.

 

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