Iraq’s Q1 oil exports fall 3% amid OPEC+ cuts, voluntary reductions

Shafaq News/ Iraq’s average exports of crude oil and petroleum products dropped by 110,000 barrels per day (bpd) in the first quarter of 2025, down 3% year-on-year, amid continued production curbs in line with OPEC+ agreements and additional voluntary reductions.

According to the latest data from the Washington-based Energy Research Unit, Iraq’s seaborne exports averaged 3.70 million bpd between January and March 2025, compared to 3.81 million bpd during the same period in 2024.

The decline follows Iraq’s commitment to a production adjustment plan initiated in July 2024, aimed at offsetting previous oversupply that had contradicted both its voluntary cuts and the broader OPEC+ targets. Among the measures was a reduction of 90,000 bpd implemented between November 2024 and February 2025.

Iraq’s crude oil production also declined in the first quarter, averaging 3.99 million bpd, compared to 4.22 million bpd in Q1 2024.

Despite the recent quarterly decline, Iraq’s average seaborne oil and product exports for the full year 2024 rose to 3.64 million bpd, up from 3.55 million bpd in 2023.

Asian buyers remained dominant in Iraq’s crude market, accounting for more than 70% of the country’s seaborne oil exports during the first quarter of 2025. China led with 1.34 million bpd, followed by India with 940,000 bpd and South Korea with 380,000 bpd.