Iraq to reduce crude oil exports in May and June

Iraq to reduce crude oil exports in May and June
2025-05-12 21:49

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

The lower export plan is part of Iraq's efforts to deliver on its schedule of compensation cuts pledged to OPEC+, the official added.

The source, who requested anonymity, said the cut is part of Iraq’s compliance with the OPEC+ compensation agreement, which aims to offset previous overproduction. He added that the planned volume is lower than March exports, which stood at 3.42 million bpd, according to Iraq’s Oil Ministry data.

While Baghdad has not officially released April figures, oil analytics firm Kpler estimated Iraq’s average exports last month at 3.3 million bpd.

The move aligns with ongoing OPEC+ efforts—spearheaded by the Organization of the Petroleum Exporting Countries, Russia, and allies—to stabilize global oil markets. The updated compensation plan, agreed last month, requires members that previously exceeded quotas to make additional cuts.

The reduction is expected to offset much of the upcoming 411,000 bpd increase planned by some OPEC+ members over the coming months, potentially supporting market balance.

Separately, a source at the North Oil Company said that field testing is underway at well Sarbashakh-344 in the Kirkuk oilfield. The well is expected to add approximately 1,000 bpd of crude oil once fully operational. 

(Reuters + Shafaq News) 

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