Iraq’s oil exports fell by circa 9% or 310,000 barrels per day (bbl/dd) in June, meaning that Iraq has fulfilled about three-fifths of its pledge to the OPEC+ production deal, according to Reuters.
Southern Iraqi exports in June averaged 2.90 million barrels per day (mmbbl/d), a decrease of 200,000 bbl/d from May’s official southern exports figure. This represents the lowest export levels out of Basra for five years.
Despite this considerable cut, a lot more progress is needed for Iraq to be fully complicit and Daniel Gerber, CEO of Petro-Logistics, told Reuters, “ Iraq still needs to cut by a further 300,000 bbl/d to achieve full compliance.” Iraq is supposed to cut output by 1.06 mmbbl/d under the deal.
Iraq conscribed to the OPEC+ agreement in April whereby curbing the world’s oil production by 20%.