RE:OPEC + Agrees on Iraqi Compensation for.... Iraq had pledged to cut production by more than 1 million barrels per day, but instead fell short of its target by 573,000 barrels, Bloomberg reported, citing delegates. To compensate, Iraqi oil production will be 57,000 barrels a day below its quota in July, and 258,000 barrels a day lower in August and September, the report said.