Iraqi Economists Network

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Iraq’s oil exports declined to 3.4 million bpd in April

Baghdad ( – The Iraqi Ministry of Oil said that its crude oil exports reached 3.41 million barrels per day last April, compared to 3.42 million barrels per day in the previous March.

Iraq’s total exports of crude oil throughout April reached 102.38 million barrels, according to a statement released by the Iraqi Oil Ministry.

The volume of oil exports during March was about 106.11 million barrels, while the volume of oil exports in February was 99.59 million barrels.

The average daily production of oil in Iraq, which is a member of the Organization of the Petroleum Exporting Countries (OPEC), is 4.6 million barrels under normal conditions.

The Iraqi Oil Minister, Hayan Abdul-Ghani, announced on May 12 that his country will not consent to any further reductions in crude oil output that the OPEC+ alliance would declare at its upcoming meeting, which is set for early June.

Iraq has been voluntarily reducing its oil output by 220,000 barrels per day since July 2023. This reduction has been repeatedly extended, with the most recent expiration date taking place next June.

Additionally, Iraq is taking part in an alliance-mandated reduction that started in November 2022 and continues until December, with a total reduction for the 23 alliance countries equal to around 3.6 million barrels per day.

Source: Iraqi News, 2. June 2024

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