Iraq’s crude oil production, including from the semi-autonomous Kurdish region, fell 9% in June, but still exceeded the amount it agreed under the OPEC+ deal, according to data from state-oil marketer SOMO. The data showed that OPEC’s second-largest producer pumped 3.698 million bpd of crude oil in May, falling from May’s 4.068 million bpd but above its agreed quota of 3.592 million bpd.
Iraq exported 3.218 million bpd of oil in June, 11.4% lower than 3.633 million bpd in May, SOMO data showed. Exports from Baghdad dropped to 2.816 million bpd last month, in line with oil minister Ihsan Ismaael’s estimates. In May, Iraq exported an average of 3.212 million barrels of crude a day.
OPEC+ extended its 9.6 million bpd in coordinated supply curbs through July to maintain support for the market as demand emerges after being ravaged by the coronavirus pandemic. Under the agreement, Iraq, Nigeria, Angola, and Kazakhstan, pledged to make up for their overproduction in May and June cutting output through extra curbs in July, August, and September.
Iraq committed to compensating for its lack of compliance by cutting production to below quota in July, August, and September. The country had vowed to cut output by 57,000 bpd below its quota in June and 258,000 bpd under the allowance in July and August, OPEC + officials said.
