BAGHDAD (Reuters) – Iraq will reduce its crude exports to 3.3 million barrels per day (bpd) in the coming months to compensate for exceeding the quota of the Organization of the Petroleum Exporting and Allied Countries. OPEC+) since January, the Oil Ministry said on Monday.
Iraq, OPEC’s second-largest producer, pumped far more in January and February than the production target set in January, when several OPEC+ members, including Iraq, agreed to support the oil market.
OPEC+, led de facto by Saudi Arabia, has stressed the importance of sticking to cut pledges, despite rising oil prices this year. The barrel of Brent exceeded 86 dollars (79 euros) on Monday, its highest level since November.
The Iraqi Oil Ministry said in a statement on Monday that it was committed to respecting the voluntary reductions agreed with OPEC+, set at 4 million bpd.
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Initially planned for the first quarter, these voluntary reductions have been extended until the end of June.
Secondary sources, which provide data on OPEC+ production, indicated that Iraq’s production stood at 4.2 million bpd in February.
Of that total, Iraq exported an average of 3.43 million bpd in February, the Oil Ministry said earlier this month, meaning Monday’s pledge would reduce shipments by 130,000 bpd from the month. last.
The voluntary OPEC+ cuts in place until June are the latest in a series of restrictions taken by the group since late 2022 to support the market amid expectations of weak economic growth that will limit demand for oil, while that supply increases among producers beyond OPEC+.
(Reporting Ahmed Rasheed, writing by Yousef Saba and Alex Lawler; French version Stéphanie Hamel, editing by Kate Entringer)
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