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Iraq May Target 3.3mn b/d Crude Exports for Whole of 2024

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Iraq’s 3.3mn b/d oil export cap "may continue to the end of 2024 to [help] compensate overproduction, or it may change, depending on Opec+ agreements & [the needs of] economy over the coming months” according to Argus communications with the oil ministry.

  • It follows an earlier Argus exclusive that said Iraq will stick to its pledge to cap crude exports at 3.3mn b/d until the end of the year, regardless of what the Opec+ coalition decides at its June meeting.
  • The 3.3mn b/d export cap represents a 100,000 b/d cut compared to the Q1 average.
  • April's exports will be in line with recent months, according to Argus sources, indicating that Iraq has yet to adhere to the cap.
  • The self-imposed limit on exports is part of Iraq's commitment to compensate for exceeding its 4mn b/d Opec+ production target in the first three months of 2024.
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Iraq’s 3.3mn b/d oil export cap "may continue to the end of 2024 to [help] compensate overproduction, or it may change, depending on Opec+ agreements & [the needs of] economy over the coming months” according to Argus communications with the oil ministry.

  • It follows an earlier Argus exclusive that said Iraq will stick to its pledge to cap crude exports at 3.3mn b/d until the end of the year, regardless of what the Opec+ coalition decides at its June meeting.
  • The 3.3mn b/d export cap represents a 100,000 b/d cut compared to the Q1 average.
  • April's exports will be in line with recent months, according to Argus sources, indicating that Iraq has yet to adhere to the cap.
  • The self-imposed limit on exports is part of Iraq's commitment to compensate for exceeding its 4mn b/d Opec+ production target in the first three months of 2024.