Iraq signed up to the nine-month extension of the Opec-led production agreement on 25 May, but key producing fields continue to ramp up output. Under the agreement, production remains capped at 4.35mn b/d, although Iraq has failed to fully comply so far. Oil Minister Jabbar al-Luaibi told reporters in Vienna on 24 May that output is averaging 4.47mn b/d this month.

MEES estimates that Iraq has cut 240,000 b/d from its December record of 4.64mn b/d and averaged 4.40mn b/d in April. Overall...