Iraqi crude oil exports fall slightly in April
Date
5/30/2024 8:22:40 AM
(MENAFN) According to a statement released on Wednesday by the Iraqi Ministry of Oil, the country's crude oil exports for April totaled 3.412 million barrels per day, marking a slight decrease from the 3.423 million barrels per day recorded in the previous month of March. The statement further disclosed that Iraq's total exports for April amounted to 102.387 million barrels. However, the Ministry refrained from providing details regarding the revenue generated from these crude oil sales, a practice it has maintained since the beginning of the year without citing specific reasons.
In comparison, the volume of oil exports for March 2024 stood at approximately 106.11 million barrels, while February 2024 recorded exports of around 99.59 million barrels. Despite fluctuations in export volumes, Iraq remains a key member of the Organization of the Petroleum Exporting Countries (OPEC), typically producing an average of 4.6 million barrels per day under normal conditions.
Iraq's stance on potential production cuts within the OPEC+ alliance was underscored by Oil Minister Hayan Abdul Ghani on May 12, stating that the country would resist any new cuts in crude oil production that may be proposed at the alliance's upcoming meeting scheduled for early June. Since July 2023, Iraq has voluntarily reduced its oil production by 220,000 barrels per day, a commitment that has been repeatedly extended, with the latest extension set to expire in June.
Furthermore, Iraq is also participating in a mandatory production reduction initiative led by the coalition, which commenced in November 2022 and is slated to continue until December. This coalition-wide reduction amounts to approximately 3.6 million barrels per day, highlighting Iraq's role in collaborative efforts to stabilize global oil markets amidst evolving supply and demand dynamics.
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