Iraq's oil exports decline in February 2024: SOMO

Shafaq News/ The Iraqi Ministry of Oil has released the final statistics for oil exports in February 2024, showing a decline of approximately 4 million barrels compared to January 2024.

According to the data provided by the State Oil Marketing Organization (SOMO), the total crude oil exports for February amounted to 99,592,311 barrels.

Of this total, 98,183,554 barrels were exported from the oil fields in central and southern Iraq, while 433,126 barrels were exported to Jordan and 975,631 barrels were exported to Qayyarah. The average daily crude oil export rate for February was 3,434,218 barrels, with 3,385,640 barrels per day exported from Basra, 14,935 barrels per day exported from Jordan, and 33,642 barrels per day exported from Qayyarah.

The Ministry of Oil had previously announced that the total oil exports for January 2024 exceeded 100 million barrels, according to the final statistics issued by SOMO. The January statistics showed that the total crude oil exports amounted to 103,508,438 barrels, of which 102,025,000 barrels were exported from the oil fields in central and southern Iraq and 1,191,132 barrels were exported from Qayyarah. Additionally, 464,306 barrels were exported to Jordan in January.

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On February 14, Iraq's oil ministry confirmed that it would compensate over the next four moths for the increase in its crude production above its OPEC+ commitments for January.

In November OPEC+ agreed to voluntary output cuts totaling 2.2 million barrels per day for the first quarter of this year.

OPEC's statement following an OPEC+ ministerial meeting on February 1 had highlighted compliance, saying the committee would continue to monitor countries’ conformity to output cut decisions made last year.