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Posted By OrePulse

Published: 13 May, 2025 07:48

Iraq to reduce crude oil exports in May and June, official says

Iraq is set to export 3.2 million barrels per day of crude oil in May and June, an Iraqi official with knowledge of the matter told Reuters, in what would amount to a significant reduction from previous months.

The lower export plan is part of Iraq's efforts to deliver on its schedule of compensation cuts pledged to OPEC+, the official added, declining to be identified by name as the matter is confidential.

This level of exports would be lower than the rate of about 3.42 million bpd that Iraq's oil ministry reported for March. Baghdad has not yet reported April exports, but according to Kpler, a data intelligence firm, the country shipped an average of 3.3 million bpd in April.

OPEC+, which includes OPEC plus Russia and other allies, has agreed a series of output cuts since 2022. Its compensation plan, updated last month, is designed to ensure that members who do not make the cuts in full implement further reductions.

Should the latest cuts be made in full, the compensation plan would to a large extent offset a planned 411,000 bpd output increase being made by other members of OPEC+ in May and June, providing additional support for the oil market.

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