Federal Iraq crude oil exports edged up to a three-month high of 2.868mn b/d in January, as Baghdad showed little sign of fully implementing promised “compensation cuts” in line with its Opec+ commitments (MEES, 5 February). January’s 18,000 b/d monthly increase, coupled with considerably higher oil prices sent revenues soaring 12% to $4.739bn – their highest since January 2020, before Covid-19 shocked global oil markets (see chart 1).