Crude oil exports from South Iraq has averaged 3.163mb/d in March due to bad weather and lower production related to field maintenance, Reuters reported.
Furthermore, the second biggest producer at the Organization of the Petroleum Exporting Countries (OPEC) has been under pressure to cut output and comply more with the OPEC deal to rebalance oil prices.
According to Hellenic Shipping News, Iraq’s March production has been reduced by more than 210,000b/d from its southern fields developed by international oil companies and other fields managed by its national oil firms.
Meanwhile, northern production has been reduced by around 30,000-40,000b/d so far in March from February.
The country’s biggest oilfield, Rumaila, is now down by around 70,000b/d to 1.380mb/d due to maintenance.
Speaking in Kuwait, where a committee set up to monitor compliance with production cuts is convening, Iraqi Oil Minister, Jabar Ali al-Luaibi, said his country was in full compliance with the output-cut agreement.