UPDATE: Iraq’s May exports fall as OPEC-plus extends cuts

Exports declined by about 60,000 bpd as Iraq continues to move toward compliance with recently extended OPEC-plus production caps.
Iraqi Oil Minister Hayyan Abdulghani (second from left) meets with representatives of other OPEC-plus member countries on June 2, 2024 in Riyadh. (Photo credit: Oil Ministry)

UPDATE: A previous version of this article reported that Iraq’s May exports averaged 3.350 million bpd and generated an estimated $8.13 billion in revenue. Iraq Oil Report subsequently obtained more accurate Oil Ministry figures reporting 3.359 million bpd. This article has been updated accordingly.

Iraq's oil exports averaged 3.359 million barrels per day (bpd) in May, down from 3.413 million bpd in April, according to the Oil Ministry.

The declining oil sales reflected the Oil Ministry's ongoing efforts to reduce output as part of its commitment to the OPEC-plus producers group, which decided on June 2 to extend supplemental cuts for another three months, through September.

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