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Iraq's Oil Exports Slid In May

Iraq's oil exports for the month of May slid down by 6.6% according to report.

Excluding those from the Kurdish region, Iraq's oil exports on the month of May fell down by 6.6%. This was according to the recent report submitted by Iraq's Oil Ministry indicating the struggle the major oil producer has undergone to cut its output by 23% which was in accordance with the OPEC+ agreement.

Oil exports in May averaged by 3.2 million barrel per day, while exports in April were 3.4 million barrels per day.

It should be remembered that Iraq agreed to cut its output by more than 1 million barrels per day in May and June as part of the broader 9.7 million barrel per day target by OPEC+ for the months mentioned. When Iraq's acting oil minister Ali Allawi went to Saudi Arabia, Iraq once again reiterated their commitment to this agreement along with Saudi itself. But Iraq struggled with meeting their quota for most of last year.

 

 

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