As of August 27, Iraq has cut its oil exports to 3.3 million barrels per day (bpd) in accordance with its commitments under the OPEC+ agreement. The Iraqi oil ministry announced that this reduction will continue in the upcoming months to ensure that production remains within the specified OPEC+ quota and to compensate for excess output from previous months.
In July, Iraq’s crude exports averaged 3.48 million bpd, while June’s average was 3.41 million bpd. Looking ahead, sources indicate that Iraq plans to further reduce its oil output to between 3.85 million and 3.9 million bpd in September.
This decision comes as OPEC+ has agreed to delay a planned oil output increase for October and November, following a decline in crude prices to their lowest levels in nine months. The organization has indicated that it may pause or reverse these hikes if necessary to stabilize the market.