Iraq is pumping record oil, creating a ‘fully-blown migraine’ for OPEC’s cutting plans | WHAT REALLY HAPPENED X-Frame-Options: DENY X-Frame-Options: SAMEORIGIN

Iraq is pumping record oil, creating a ‘fully-blown migraine’ for OPEC’s cutting plans

OPEC’s second-largest oil producer hit record production figures in August with an output of 4.88 million barrels per day (bpd), according to the latest figures from S&P Global Platts.

Iraq’s highest-ever production count has contributed to what may be OPEC’s first monthly output rise of the year, throwing a wrench into the 14-member organization’s plans to limit global oil supply and keep a floor under declining crude prices.

“The recent increases in Iraqi production turned what was a sort of minor headache for OPEC into a fully-blown migraine,” Dave Ernsberger, global head of commodities pricing at S&P Global Platts, told CNBC on Thursday.

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