Iraq scales back oil output under OPEC+ compliance push

Shafaq News/ Iraq reduced crude exports to 4 million barrels per day (bpd) in May 2025, down 50,000 bpd from April, to address overproduction, according to S&P Global Commodity Insights on Wednesday.

The cut follows mounting pressure from OPEC+ after repeated quota breaches, as total production by the bloc rose to 41.19 million bpd in May with eight members unwinding voluntary cuts totaling 2.2 million bpd.

Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Oman, and Algeria agreed to increase collective output by 411,000 bpd between May and July, shifting focus toward market share amid intensifying competition and projected demand growth.

Iraq and Kazakhstan were expected to deliver the largest share of the 378,000 bpd in corrective cuts planned for May, based on OPEC data, though Iraq’s fiscal reliance on oil, which provides over 90% of budget revenue, has continued to challenge quota compliance.