Iraq will reduce oil exports to compensate for excess production

In line with voluntary cuts by the OPEC+ group, Iraq announced it will reduce oil exports to offset any excess production in January and February of this year

Iraq announced it will reduce its oil exports to 3.3 million barrels a day to balance any increase above its OPEC+ quota in January and February.

The announcement was made this Monday by the Iraqi Ministry of Oil, in line with the voluntary cuts of the OPEC+ group of oil-exporting countries.

The Organization of the Petroleum Exporting Countries, led by Saudi Arabia, together with its allies, including Russia (OPEC+), have been applying these production cuts since the end of 2022 to support the market.

In this sense, the next cut came into effect in January for the first quarter of 2024. At the beginning of the current month, it was extended to cover the second quarter.

Regarding Iraq’s oil production quota, it stands at 4 million barrels per day, adjusted for voluntary cuts. “Secondary sources, which provide production data for OPEC+ members, reported that Iraq’s production was 4.2 million bpd in February”, when Iraqi oil exports averaged 3.43 million bpd in February, according to the Oil Ministry.


Source: marketscreener

(Reference image source: Unsplash+, in collaboration with Getty Images)

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