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Iraq to Keep 3.3m b/d Crude Export Cap Through 2024: Argus

OIL

Iraq will maintain its 3.3m b/d crude export cap until the end of the year, according to Argus citing market sources.

  • The cap will continue regardless of any decision at the OPEC+ meeting in June.
  • The 3.3m b/d export limit is a 100k b/d cut compared with the Q1 average. Sources said that April’s exports will be in line with recent months – a sign Iraq is not yet adhering to the cap.
  • This limit is part of Iraq’s attempt to compensate for overshooting its OPEC+ targets.
  • Most Iraqi Kurdish output is being redirected to local refineries or sold on the black market while the pipeline to Ceyhan remains closed.
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