Russia’s second-largest producer, Lukoil, is eager to increase its oil production in Iraq once the production cuts of the OPEC+ group end, Egor Zubarev, Managing Director of Lukoil Mid-East, told Bloomberg.
Iraq’s current crude oil production is capped at around 3.6 million barrels per day (bpd) under the OPEC+ pact, but the country needs to make additional deeper cuts by the end of the year to compensate for the lack of compliance with the agreement in previous months.
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