Iraq's Oil Production

Iraq said on Friday that its oil production would reach 4.58 million barrels per day (bpd) in July and August 2022.

The latest increase came after the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, agreed on significant oil output increases in July and August in an attempt to help contain the surging oil prices.

On Thursday, OPEC+ agreed to increase oil production during July and August by 648,000 bpd after the European Union announced a ban on Russian oil supplies.

Iraq's economy heavily relies on crude oil exports, which account for more than 90 percent of the country's revenues.