Iraq’s oil ministry said on 18 March that it will bring crude exports down to 3.3mn b/d “for the upcoming months” to “absorb” overproduction in January and February, when the country produced far in excess of its voluntary Opec+ quota of 3.997mn b/d. MEES calculates that Iraq over-produced by 220,000 b/d for January and 360,000 b/d for February.

While Baghdad already last month promised to make cuts (MEES, 16 February), it came under additional pressure after the publication of February figures showed output rising rather than falling. The new target implies a 134,000 b/d reduction in exports over April-June from February’s 3.434mn b/d federal exports. (CONTINUED - 182 WORDS)