Crude exports by OPEC’s second-largest producer Iraq fell by 8% or 300,000 bpd in the first 14 days of June, according to industry sources and shipping data, suggesting that the country is getting closer to meet the quota agreed on the OPEC+ deal.
During the period, Southern Iraqi exported an average of 2.93 million bpd, the data showed, 170,000 bpd lower from May’s exports. Iraq also made significant cuts on supply to Asia in July, the sources noted, implying that Iraq’s exports would decline further.
Despite the reduction, Iraq’s exports are still above the OPEC+ quota. The country’s adherence to the deal was 38% in May. If exports continue at the current pace, Iraq’s compliance is expected to increase to 60%. OPEC+ will be reviewing compliance this week after some countries pumped more oil than their quotas last month.
