Iraqi oil exports dip slightly in April after OPEC+ compliance concerns

Shafaq News/ Iraq's oil exports in April 2024 declined by 0.3% compared to the previous month, with the country suffering from exceeding its allotted share of oil production within the OPEC+ alliance.

Figures released by Attaqa.net, a Washington-based online platform, revealed that Iraqi oil exports dropped by 10,000 bpd, settling at 3.413 million bpd in April, compared to March 2024's preliminary data from the Iraqi Oil Marketing Company (SOMO), which reported exports of 3.423 million bpd.

Of Iraq's total oil exports in April, 3.364 million barrels per day were dispatched from the Iraq South Terminal (IST), a decrease from 3.377 million bpd in March. Additionally, 15 thousand bpd were transported via trucks to Jordan.

Furthermore, 34 thousand bpd of heavy crude oil from Qayyarah crude were shipped from the southern Khour Al-Zubair port, an increase from 31 thousand bpd in March.

Iraq's Gulf exports in April comprised 2.177 million bpd of Basrah Medium crude and 1.187 million bpd of Basrah Heavy crude. This compares to March 2024's 2.203 million barrels per day of Basrah Medium crude and 1.174 million barrels per day of Basrah Heavy crude.

Amid mounting pressure to align with OPEC+ production cuts, Iraq exceeded its maximum limit by 602 thousand bpd during the first quarter of 2024, indicating its challenges in managing production levels.

March 2024's production stood at 4.28 million bpd, surpassing the 4 million bpd quota, positioning Iraq as the second-largest producer in OPEC after Saudi Arabia.