Iraq's oil output surpasses 3 million bpd
The report focuses on the global oil market conditions in 2026, indicating a significant drop in worldwide oil supplies by 3.7 million barrels per day, along with a reduction of 1.69 million barrels in US oil inventories. At the same time, the OPEC+ alliance announced an increase in oil production quotas by 188,000 barrels per day in September, while the Iraqi Ministry of Oil stated that oil exports through the Strait of Hormuz continued normally, reflecting a temporary balance between supply and demand. In summary, the market is experiencing substantial fluctuations due to the decline in supplies, despite efforts by some countries to boost production.
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