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Iraq, Nigeria, promises to fall in line with OPEC oil quotas



Iraq and Nigeria – the two frivolous members of OPEC who have not followed their production cuts in recent months – pledged Thursday to fall within their respective nations while the cartel and its allies try to balance

Iraq, the second largest producer in OPEC behind Saudi Arabia, has said it would reduce its current production by 175,000 bd per October, Reuters reports Thursday after a monitoring panel for OPEC and its allies met in Abu Dhabi.

OPEC's second-largest producer, which has always had problems staying within the cap, lifted oil production by 43,000 bpd to 4,779 million bd in August – well above its 4,512 million bpd quota.

Nigeria, for its part, has pledged to reduce oil production by 57,000 bd.

In August, Nigeria pumped 1

,866 bd, up 86,000 bd per July, according to OPEC's secondary sources used by the cartel to calculate official production and compliance rates. Nigeria's ceiling as part of the deal is 1,685 million bd.

Improved compliance could result in a total cut of more than 400,000 bd, two sources from the OPEC + Alliance told Reuters.

Due to the US sanctions, Iran and Venezuela Except the cuts – have inadvertently helped OPEC reduce production, but rogue members like Iraq and Nigeria have taken advantage of the cartel's attempts to ensure full compliance from everyone.

The Joint Ministerial Monitoring Committee (JMMC) of the OPEC and non-OPEC countries that are part of the agreement, confirmed in a statement that non-compliant members promised to stick to their allowances in the future.

"All participating countries in attendance, especially those who are yet to reach full compliance with their adjustments, were unequivocal in providing firm assurances of their determination to achieve at least 100% compliance for the rest of the year," OPEC said .

Saudi Arabia will continue to maintain its share of cuts and pumps for less than 10 million bd per day, said the new minister, Prince Abdulaziz bin Salman.

By Tsvetana Paraskova for Oilprice.com

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