Iraq has revised its oil production figure for the month of April in order to reflect its higher domestic crude use by 1.7%. The new figure according to the State Oil Marketing Organization is now 3.930 million barrels per day (bpd).
Domestic crude use reached 572,000 bpd in April which is 12.6% higher than the 508,000 bpd mentioned in their May 11 statement. Included in this are domestic uses for refineries and power stations.
The new figure, even the one that they had reported before which was 3.863 million bpd, is above Iraq's OPEC+ quota of 3.857 million bpd for the third month in a row.
Independent secondary sources that OPEC+ is using to monitor its member's output, including those from S&P Global Platts, placed Iraq's April production higher with an average of 3.920 million bpd as reflected on the organization's latest monthly oil market report.
As OPEC and its allies are anticipating a greater global oil demand a roll back on production quotas is being planned for the coming months. However, Iraq's cap will increase to 3.905 million bpd for May, 3.954 million bpd for June and 4.016 million bpd for July.
Iraq has been failing since February to meet its OPEC+ quota mostly due to the financial crisis that the country is facing and the recent struggle with the Covid-19 pandemic.
A convention is set for June 1 for OPEC+ ministers which will be held online to review market forecasts, adjudicate on compliance and most importantly whether to continue with the planned gradual easing of quotas.