Iraq’s crude oil exports jumped in the first half of February even after Opec’s second-biggest producer pledged to cut production this month. The group and partners including Russia are restraining supply with the coronavirus pandemic still raging. The alliance, known as Opec+, is seeking to ensure a 66% rally in crude prices since the start of November – driven by vaccine breakthroughs – isn’t reversed. Baghdad pledged to pump below its quota in February to make up for past overproduction. Still, the pace of its crude exports in the first half of the month, if maintained through the rest of February, indicates the country may exceed its self-imposed production target of 3.6mn barrels a day
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