Iraq raises estimates for May oil income, crude export price

Dubai — Iraq has raised estimates for its oil income and export prices for May, the oil ministry said on June 24, as OPEC's second-largest producer benefits from the uptick in global crude prices.

Its May income was $2.136 billion, up from the previous estimate of $2.091 billion, the ministry said in a statement. It sold its oil for $21.45/b, versus $21.005/b previously stated, it said.

Iraq expects to export 2.8 million b/d in June as it seeks to boost its commitment to the OPEC+ cuts after it failed to comply with its quota in May, the country's oil minister Ihsan Ismaael told al-Sharqiya TV on June 14.

Iraq hopes to rake in crude revenue of $2.5 billion in June, he told the TV channel.

Iraq pumped 4.068 million b/d of crude oil in May, above its OPEC+ quota of 3.592 million b/d and exported 3.63 million b/d, according to oil marketer SOMO.

OPEC and its allies, including Russia, agreed on June 6 to roll over their 9.6 million b/d in collective production cuts through July, to help bolster the market as it emerges from the depths of the COVID-19 pandemic.

Under the deal, Angola, Iraq, Kazakhstan and Nigeria committed to compensate for their lack of compliance in May and June with extra cuts for quotas in July, August and September.