Iraq has increased its oil exports following the gradual easing of voluntary production cuts under the OPEC+ agreement, according to the country’s state oil marketer, SOMO, on Sunday. Earlier this month, eight OPEC+ members agreed to raise production by 137,000 barrels per day from October.
OPEC+ has been gradually increasing production since April, after years of cuts designed to support the oil market.
The increase in Iraqi exports is expected to generate hundreds of millions of dollars in additional revenue at current price levels, said Ali Nizar Al-Shatari, SOMO's director general, in an interview with the Iraqi state news agency.
While he did not specify the exact rise in exports, he noted that an additional 200,000 barrels per day would significantly boost government revenues.
Iraq’s oil exports averaged 3.38 million barrels per day in August, according to the oil ministry. SOMO expects the average for September’s exports to range between 3.4 million and 3.45 million barrels per day.
Earlier this month, Iraqi Prime Minister Mohammed Shia al-Sudani expressed hope that fellow producers would reconsider Iraq’s oil export quota to better align with its production capacity.
As OPEC’s largest overproducer, Iraq has been under pressure from the group to reduce output to compensate for exceeding its agreed quota.
Iraq was among the countries that submitted plans in April to implement further output cuts to offset production above its allocated quotas.
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Iranian-made Yassin missiles were spotted mounted on Armenian Air Force fighter aircraft during Armenia's latest military parade on Thursday (28 May), drawing attention from defence observers and regional analysts.
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Thai rescuers say five people have been pulled alive from a flooded cave in remote Laos, where seven villagers became trapped after heavy rain cut off access underground.
The Philippines remains under a "severe threat" from China despite recent efforts by Washington and Beijing to ease tensions, Philippine Defence Secretary Gilberto Teodoro said on Saturday (30 May).
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Thai rescuers say five people have been pulled alive from a flooded cave in remote Laos, where seven villagers became trapped after heavy rain cut off access underground.
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Start your day informed with the AnewZ Morning Brief. Here are the top stories for 30 May, covering the latest developments you need to know.
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