Iraq curtails oil exports, aligning with OPEC+ decisions

This move comes in adherence to OPEC+ agreements and reflects discussions held during the recent visit of OPEC's Secretary-General Haitham al-Ghais to Baghdad.

An aerial photo shows oil tankers load crude oil at Iraq's Al-Basra Offshore Terminal in Basra, Iraq, Sunday, Dec. 27, 2020. (Photo: AP/Nabil al-Jurani)
An aerial photo shows oil tankers load crude oil at Iraq's Al-Basra Offshore Terminal in Basra, Iraq, Sunday, Dec. 27, 2020. (Photo: AP/Nabil al-Jurani)

ERBIL (Kurdistan 24) - Iraq's Ministry of Oil today announced a reduction in its oil exports, effective from August 27, 2024.

This move comes in adherence to OPEC+ agreements and reflects discussions held during the recent visit of OPEC's Secretary-General Haitham al-Ghais to Baghdad.

In an official statement, the ministry confirmed, "Based on Iraq's commitment to OPEC+ decisions concerning oil production cuts, and in accordance with agreements made during the OPEC Secretary-General's visit, we have reduced oil exports to 3.3 million barrels per day since August 27, 2024. Local consumption has also been curtailed."

The ministry further stated that this reduction will persist in the coming months to align production with allocated quotas and compensate for any overproduction in previous months.

Additionally, Iraq, along with seven other OPEC+ nations, has agreed to extend the supplementary reduction of 2.2 million barrels per day until November 2024.

A gradual return to previous production levels is planned from December 1, 2024, to November 2025, with potential adjustments if needed. This measure aims to stabilize the global crude oil market.

Previously, Sabah Subhi, a member of the Iraqi parliament's Oil and Gas Committee, informed Kurdistan24 that Iraq had surpassed its OPEC oil export quota by 1.4 million barrels, drawing repeated warnings from OPEC.

Subhi also alleged that the Iraqi Ministry of Oil is hindering efforts to resume oil exports from the Kurdistan Region.

This reduction in oil exports signals Iraq's dedication to maintaining stability in the global oil market, despite ongoing challenges with production quotas and regional export disputes.