Six weeks after the 1 May resumption of Opec+ cuts, Iraq is finally taking concrete steps to draw down crude production at key IOC-operated fields in a bid to reach full 3.59mn b/d compliance. Iraq produced 4.13mn b/d in May, 540,000 b/d above its quota, prompting severe criticism from fellow Opec+ members (MEES, 12 June).
Recently appointed oil minister Ihsan Ismaael said this week that Iraq will slash crude exports to an average of 2.8mn b/d in June. Federal Iraqi exports averaged 3.21mn b/d last month and a 400,000 b/d drop would bring Iraq almost in line with its Opec+ commitments. The overwhelming majority of federal exports are from the southern terminals offshore Basra, which shipped 3.11mn b/d to customers in May. (CONTINUED - 673 WORDS)