Russian Lukoil Looks To Boost Its Oil Production In Iraq

Russia’s second-largest producer, Lukoil, is eager to increase its oil production in Iraq once the production cuts of the OPEC+ group end, Egor Zubarev, Managing Director of Lukoil Mid-East, told Bloomberg. Iraq’s current crude oil production is capped at around 3.6 million barrels per day (bpd) under the OPEC+ pact, but the country needs to make additional deeper cuts by the end of the year to compensate for the lack of compliance with the agreement in previous months.   Due to the OPEC+ deal, Iraq told the international oil majors…