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OIL: Iraq's Crude Exports fell by 10kb/d to 3.413mb/d in April: SOMO

OIL

Iraq's crude exports fell by 10kb/d, or 0.3%, m/m in April to 3.413mb/d, according to preliminary monthly SOMO data cited by S&P Global.

  • Exports fell from 3.423mb/d in March under pressure to reduce production to comply with OPEC+ output cuts.
  • Iraq has outlined plans for additional supply cuts from May through December to compensate for production above OPEC+ target by a combined 602kb/d during Q1 2024. Production was 4.28mb/d in March compared to a quota of 4mb/d, according to the latest Platts survey.
  • Exports shipped from southern Gulf terminals of 3.364mb/d comprised of 2.177mb/d of Basrah Medium, and 1.187mb/d of Basrah Heavy.
  • Iraq's oil ministry will now release exports at the end of each month when SOMO updates its figures rather than previously at the beginning of each month, according to a ministry spokesman.
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