Shipping data and industry sources showed that so far in August, Iraq’s crude oil exports have fallen, indicating that the country is increasing its compliance to the OPEC+ output cut pact.
By August 25, Iraq’s overall oil exports have slipped by 80,000 bpd.
Southern Iraqi exports, the main outlet for the country’s crude, have dropped to 2.63 million bpd, lower by 40,000 bpd from July’s official figure. Northern exports have also gone down slightly to roughly 400,000 bpd.
Iraq is cutting more of its oil output under the pressure from the Organization of Petroleum Exporting Countries and its oil major allies (OPEC+) to compensate for its lack in complying with the output cut pact in May to July.
