Iraq’s Oil Exports Dip in Q1 as Baghdad Vows Further Cuts

Iraq’s Oil Exports Dip in Q1 as Baghdad Vows Further Cuts | OilPrice.com

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Breaking News:

ByTsvetana Paraskova– Apr 18, 2025, 11:30 AM CDT

Iraq’s crude and oil product exports fell by 110,000 barrels per day (bpd) from a year earlier to 3.7 million bpd in the first quarter of 2025, per data from Energy Research Unit cited by Shafaq News.

The 3% drop in exports came as OPEC’s second-largest producer continues to restrict oil production as part of the OPEC+ agreements.

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Iraq, however, has not complied yet with its oil production quota under the deal—in fact, it has been overproducing above its ceiling for years and has been one of the producers with the most overproduction alongside Kazakhstan and Russia.

Iraq’s crude oil production is also estimated to have declined in the first quarter, to 3.99 million bpd, down from an average of 4.22 million bpd produced in the same period of 2024.

Earlier this week, OPEC announced that the eight OPEC+ countries that have been cutting oil production will have to compensate 4.57 million bpd in overproduction so far, and the compensation plans entail offsetting all above-quota output by June 2026. Iraq needs to compensate 1.934 million bpd by June 2026 and its plan to offset the overproduction includes cuts of between 120,000 bpd and 140,000 bpd every month until June 2026.

Earlier this month, OPEC said that the decision to go ahead with a large production boost in May could also “provide an opportunity for the participating countries to accelerate their compensation.”

Iraq will look to reduce its crude oil exports by about 100,000 bpd to 3.2 million bpd next month, an official familiar with the plans told Bloomberg on Friday.

Iraq and Kazakhstan are under pressure from the other OPEC+ producers to begin complying with the production cuts.

Since the very first OPEC+ agreement in 2016, OPEC and its non-OPEC allies have been struggling with overproduction from several members, which has undermined the efficiency of the cuts and has muddled the figures about actual OPEC+ supply to the market.

By Tsvetana Paraskova for Oilprice.com

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