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Iraq's March Oil Exports Drops

Iraq's oil exports for the month of March dropped by 0.8% due to tighter OPEC+ compliance.

Iraq's oil exports for the month of March went down by 0.8% month on month including those coming from the semi-autonomous region of Kurdistan. This data from the oil ministry and shipping must have been the result of tighter compliance with OPEC+ output cuts.

Based on published data from the oil ministry and shipping reports from Turkey's Ceyhan export terminal as seen by S&P Global Platts, Iraq's exports in March were at 3.280 million barrels per day (bpd) compared to February exports of 3.305 million bpd. 

Those from the federal side dropped by 1.5% to 2.945 million bpd from February based on the oil ministry data that has been published last April 1. Those coming from the Kurdish region dropped by 3% to 335,000 bpd from February, this time with data from Ceyhan shipping reports.

This is a bit of a welcome development as Iraq surpassed its February quota with production rising 1.6% month on month to 3.868 million bpd. Iraq's quota for February was 3.857 million bpd according to data from the State Marketing Organization or SOMO.

OPEC's second largest producer has a quota of 3.857 million bpd through April. This quota however is set to increase to 3.905 million bpd in May as indicated on the new OPEC+ agreement.


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