Iraq is planning oil export cuts such as OPEC discipline printing

(Bloomberg) – Iraq plans to reduce oil exports next month, as OPEC members are pressure to meet product goals, according to an official with knowledge of the matter. The group’s second largest producer is aimed at reducing the consignments by about 100,000 barrels per day to an average of 3.2 million barrels per day in May, the official said and asked not to be identified as the figures were not public. The organization of the petroleum exporting countries and its partners announced last month that they would gradually begin to revive the production that was stopped two years ago, but tried to compensate the increases by insisting on better discipline of quota violence. Baghdad, along with a few other OPEC alliance members, is under pressure from the group’s leaders to make extra supply chands as compensation for overproduction over the past year. OPEC uses oil production rather than exports to measure the compliance with its targets. Iraq production was about 90,000 barrels a day more than the target last month, according to figures that OPEC used, while the estimates of the international energy agency place the figure over 300,000 barrels per day above its quota. Although Iraq’s export reduction may indicate that it matches production, an associated decline is not guaranteed. In the past, the country has often promised the quota of the quota and then failed to deliver. Baghdad has long been clinging to OPEC output limits, as he tries to rebuild its economy and trading relations after decades of sanctions and conflict. The country needs an oil price of $ 92 a barrel to cover the government’s spending this year, according to the International Monetary Fund. Brent Ru Futures traded about $ 65. Data from OPEC released on Wednesday showed that Iraq made some progress last month with his remuneration backlog, while Kazakhstan – the group’s biggest offender – flew even more blatantly. -With help from Nayla Razzouk and Grant Smith. (Correct the relevant month of change in May throughout, update size of cut into second paragraph.) More stories like these are available on Bloomberg.com © 2025 Bloomberg LP first published: 16 Apr 2025, 09:14 IST