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Iraq’s May Crude Output Lags OPEC+ Quota By 265kbpd

OIL

Iraq’s crude oil output in May stood at 3.955mbpd, lagging the country’s OPEC+ quota by 265kbpd, including the pledged voluntary cuts, according to SOMO.

  • Iraq’s crude oil output rose by 17kbpd from April levels.
  • Iraq’s crude oil production has been lower since 25 March, when it halted flows via its northern export pipeline that transports around 470kbpd of crude oil via the Turkish port of Ceyhan.
  • The country’s crude oil exports in May rose to 3.305mbpd, from 3.288mbpd in April according to provisional data from the Iraqi Oil Ministry. Bloomberg vessel-tracking data saw Iraq’s crud exports at 3.27mbpd in May, down from 3.32mbpd in April.

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