Lukoil (LUKOF.PK, LUKOY.PK) says it will cut its production in Iraq by 30% to 1.2M bbl/day...
Lukoil (LUKOF.PK, LUKOY.PK) says it will cut its production in Iraq by 30% to 1.2M bbl/day instead of 1.8M after the Iraqi government decided to limit output in order to prop up prices. BP's recent request to reduce its contracted production from the giant Rumaila field to ~2M bbl/day from 2.85M cited the lack of infrastructure, export opportunities and an abundance of government bureaucracy.
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