A drone view shows the Zubair Oil Field in Basra, Iraq, January 16, 2025.
The official, who spoke anonymously due to the confidential nature of the information, explained that the reduced export plan supports Iraq’s pledge to implement compensation cuts as part of OPEC+ agreements. In March, Iraq’s oil ministry reported exports of approximately 3.42 million bpd. While April figures are pending, Kpler, a data intelligence firm, estimated Iraq’s exports at 3.3 million bpd for that month.
OPEC+, which comprises OPEC members, Russia, and other allies, has enforced production cuts since 2022 to stabilize global oil markets. The group’s compensation plan, revised last month, requires members who fall short of their agreed reductions to make additional cuts. The official noted: “The lower export plan is part of Iraq’s efforts to deliver on its schedule of compensation cuts pledged to OPEC+.”
If implemented fully, Iraq’s reduced exports could largely offset a planned increase of 411,000 bpd by other OPEC+ members in May and June. This adjustment is expected to help maintain balance in the oil market by limiting supply growth.
Iraq’s export reduction reflects its commitment to OPEC+ objectives, ensuring compliance with the group’s strategy to manage global oil supply. By adhering to the compensation plan, Iraq aims to contribute to market stability while meeting its agreed obligations. The planned export level of 3.2 million bpd underscores the country’s efforts to align with OPEC+ goals during this period.
