Environment & Safety Gas Processing/LNG Maintenance & Reliability Petrochemicals Process Control Process Optimization Project Management Refining

Iraq to curb oil exports to compensate for overproduction

(Reuters) - Iraq will reduce its crude exports to 3.3 MM  bpd in the coming months to compensate for any rise above its OPEC+ quota in January and February, the oil ministry said on Monday.

Iraq is committed to voluntary cuts agreed with the OPEC+ group of oil-exporting countries and is coordinating with secondary sources to reflect the export curbs in their upcoming OPEC+ reports, the ministry said in a statement.

The de facto Saudi-led Organization of the Petroleum Exporting Countries and allies including Russia, known collectively as OPEC+, have implemented a series of output cuts since late 2022 to support the market. A new cut for the first quarter took effect in January and earlier this month was extended to cover the second quarter.

Oil has found support in 2024 from rising geopolitical tensions and Houthi attacks on Red Sea shipping, although concern about economic growth has weighed.

Iraq's production quota is 4 million barrels per day (bpd) under the voluntary cuts. The secondary sources, which provide data on OPEC+ members' production, reported Iraq's production at 4.2 million bpd in February.

Iraq's oil exports averaged 3.43 million bpd in February, the oil ministry said earlier this month.


Related News

From the Archive



{{ error }}
{{ comment.name }} • {{ comment.dateCreated | date:'short' }}
{{ comment.text }}