Iraq to reduce oil exports to 3.3 million bpd in coming months

Iraq’s oil ministry said on Monday it will scale back crude exports to 3.3 million barrels per day (bpd) in the coming months to compensate for any increase above its OPEC+ quota in the first two months of 2024.

Report informs via foreign media that the ministry said Iraq is committed to voluntary cuts as part of the OPEC+ agreement and is working with secondary sources to reflect export curbs in their future OPEC+ reports.

Oil Minister Hayyan Abdel-Ghani said last month that Baghdad is committed to producing an amount of oil under 4 million bpd as part of OPEC plans.

Baghdad said earlier in March it would continue with a voluntary oil production cut of 220,000 bpd until June 2024 to back the OPEC+ alliance strategy.