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Iraq April Crude Output Lagged OPEC+ Quota By 0.5mbpd

OIL

Iraq's crude production dropped in April to 500kbpd below its OPEC+ output quota according to SOMO data.

  • Production was 3.94mbpd in April, down from 4.33mbpd in January, when SOMO last reported output numbers. Iraq's OPEC+ quota for April was 4.43mbpd and will drop by 211kbpd this month according to the voluntary reduction decision taken by eight members of the coalition.
  • Iraq's April output was broadly affected by the halt of crude exports from the north through Turkey's port of Ceyhan from 25 March. This stoppage took around 470kbpd of crude off the market, around 400kbpd controlled by the KRG and around 70kbpd of federal Iraqi oil.
  • In southern Iraq, loadings from the Basrah oil terminal rose to 3.29mbpd in April from 3.26mbpd in March.
  • Iraq is still awaiting response from Turkey in order to resume exports from its northern oil fields to the Turkish port of Ceyhan.
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