The second-largest crude producer in the 14-member OPEC organization is often labeled a 'problem child' for chronically overproducing.
"That is why our numbers look higher or inflated," Ghadhban added. "So this, and also I ordered the deduction in the refining capacity, and there would be a drop in our exports.", has seen improved output, primarily from its southern oilfields thanks to partnerships with international oil companies. Its super giant Majnoon field in Basra saw production double to 200,000 bpd in June after having been curtailed at the beginning of the year due to its OPEC quota.
Many in the country feel that it deserves to overproduce to bring in the revenues needed to rebuild much its damaged and ageing infrastructure. Almost 90% of Iraq's government revenue comes from oil. But after facing multiple budget deficits in recent years due to unstable market conditions, it also needs to see prices stabilized, which OPEC aims to achieve through supply cuts.
Iraq actively sought an exemption from OPEC's cutting program in November 2016 because of its revenue needs amid severe economic and security challenges. But it ended up bearing the second-largest cutting requirement in the group, struggling to comply ever since. Iraq was later added to the Joint Ministerial Monitoring Committee , OPEC's nine-member monitoring committee, but that so far hasn't helped ensure compliance.
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