DMEA: Iraq takes downstream path to OPEC+ compliance

Iraq has decided to carve out a path toward compliance with OPEC+ production targets through the downstream sector rather than the upstream sector in November, according to Mohammad Saadoun Mohsen, the country’s OPEC representative.

Mohsen revealed details of the country’s plan to Argus Media on October 11, explaining that Iraq would reduce domestic refinery throughput rather than cut production in order to comply with its OPEC+ quota for the month of November. He indicated that Baghdad had already made plans to head off potential fuel shortages, saying that the country would import refined fuels if necessary to meet local demand.

“To bring down our production to match our quota in November, we will reduce our refinery runs internally,” he said to Argus Media. “And if we need to match domestic [petroleum product] needs, especially for gasoline or gasoil, we will be increasing our import level of such products.”