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Iraq Sees Higher Income For May

Iraq revises higher oil income estimates as well as higher crude export prices for the month of May.

Iraq is quite optimistic as it eyes higher oil income as well as higher crude export prices for the month of May. Their estimate for the month was $2.091 billion but the real figures was $2.136 billion, a statement from the ministry said.

According to Ihsan Ismaael, the country's oil minister, Iraq expects to export 2.8 million barrels per day (bpd) in June. They were trying to boost their commitment to the OPEC+ cuts after failing to comply with their quota in May.

Based on a report from SOMO, Iraq produced 4.068 million bpd of crude oil in May way above its OPEC+ quota of 3.592 million bpd. From this they exported about 3.63 million bpd.

Russia along with the OPEC+ countries agreed to roll over their 9.6 million bpd in collective production cuts over through July. This agreement which was made last June 6 intends to help bolster the market as it rises out of the COVID-19 pandemic.

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