SOMO: Iraq’s Crude Production Hikes in December

Iraq produced 4.23 million barrels per day (bpd) of oil in December, up by 17,000 bpd from November, according to production data from state-owned marketer SOMO seen by Reuters on Thursday. The production figure includes output from Iraq's semi-autonomous Kurdistan region, which produced 406,000 bpd last month, the data showed.

Under the OPEC+ agreement, Iraq's crude production ceiling was 4.24 million bpd for December. This places Iraqi compliance under the deal at 102% last month, SOMO's figures show. OPEC+, a grouping of the Organization of the Petroleum Exporting Countries and allies led by Russia, uses an average of secondary source production figures to determine compliance levels for each member country.