Iraq has increased its oil production by 40,000 barrels per day (bpd) in May, following the Organization of the Petroleum Exporting Countries (OPEC) decision to ease production cuts, according to a survey conducted by S&P Global Commodity Insights.

The nine OPEC members subject to quotas collectively boosted crude output by 100,000 bpd in May, driven by higher production from Nigeria and Iraq. This increase pushed the group's total output to 320,000 bpd above their collective targets, while allies led by Russia cut production.

Iraq, OPEC's second-largest producer, raised its production to 4.28 million bpd, exceeding its current target by 280,000 bpd. This increase comes despite Iraq's agreement in May to compensate for previous overproduction. The Platts survey also estimates current oil production in Iraq's Kurdistan region at 210,000 bpd.

Iraq's output of 4.28 million bpd in May is up from 4.24 million bpd the previous month, marking a significant contribution to the overall increase in OPEC's oil production. The rise in production underscores Iraq's pivotal role in the global oil market and its ongoing efforts to balance its commitments within OPEC while addressing its economic needs.