Iraqi oil production decreased by more than 6% in April

According to the Fars International Economic Group, citing Reuters, a source in Iraq’s state marketing company, Sumo, said that Iraq produced 3.938 million barrels per day of crude oil in April (last month), which is 262 thousand barrels per day less. It was from the amount of production in March.

This level of production means that the country has produced almost 500,000 barrels per day less than its April quota based on the OPEC+ production cut agreement.

An oil rig in the Zubair oil field in Basra/Iraq

The production cut came after Turkey on March 25 stopped exporting 450,000 barrels per day to Iraq from the north of the country following an International Chamber of Commerce (ICC) arbitration ruling.

This stoppage of exports caused the majority of crude oil production to be shut down in the semi-autonomous region of Iraqi Kurdistan.

Yesterday, Reuters analysis showed that OPEC oil production decreased in April (last month) due to the suspension of part of Iraq’s exports and delays in Nigerian shipments.

According to this survey, the Organization of Petroleum Exporting Countries produced 28.62 million barrels of oil per day last month, which is 190 thousand barrels per day less than in March.

Of course, according to the OPEC+ agreement, the member countries are supposed to reduce their production from the beginning of May (this month), that is, 3 days ago.

Iraq’s share of this reduction in production is 211 thousand barrels per day.

After oil prices fell to $70 a barrel in March, the lowest level in 15 months, Saudi Arabia and other OPEC+ oil producers earlier this month cut further production by 1.6 million barrels. Barrels per day announced that they surprised the market with this decision and the total reduction in OPEC+ production reached 3.6 million barrels per day, which will take effect from May.

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