Iraq ends 2024 with deep production cuts

Steep reduction at Rumaila brought Iraq's December production average to its lowest level in 18 months as Iraq continues to restrain output in an effort to meet OPEC-plus expectations.

Iraqi oil production fell by 200,000 bpd in the fourth quarter of 2024, as the Oil Ministry continued to make cuts under pressure from OPEC-plus. Throughout most of 2024, nationwide crude output had been outpacing the production levels of the past two years despite Iraq's tighter quota commitments. But reductions in the final months of the year brought the country's annualized production average down to 4.67 million bpd, slightly above the 4.60 million bpd produced in 2023 and 4.61 million bpd in 2022.