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IRAQ DATA: Oil output fell 9% in June but was still above OPEC+ quota

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IRAQ DATA: Oil output fell 9% in June but was still above OPEC+ quota

Highlights

June output was 3.698 mil b/d vs quota of 3.592

Exports fell 11.4% in June from May

Iraq is OPEC's second-biggest oil producer

Dubai — Iraq's oil production, including output from the semi-autonomous Kurdish region, fell 9% in June but was still above the amount it agreed to in the historic OPEC+ output cuts, official figures released July 11 showed.

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June production averaged 3.698 million b/d vs 4.068 million b/d in May, state-oil marketer SOMO said. The country, OPEC's second-largest producer, had agreed to limit output to 3.592 million b/d in the OPEC+ cuts started in May. Production was estimated in the latest S&P Global Platts survey at 3.7 million b/d in June, nearly a five-year low. The country has pledged to make up for its overproduction in July, August and September with extra cuts.

Total exports, including those from the Kurdish region, declined 11.4% to 3.218 million b/d from 3.633 million b/d in May, according to the SOMO data.

Baghdad exports

Exports from Baghdad in June fell to an average 2.816 million b/d, in line with projections made by oil minister Ihsan Ismaael. In May, Iraq 's exports averaged 3.212 million b/d.

OPEC and its allies, including Russia , rolled over their 9.6 million b/d in collective production cuts through July to help bolster the market as demand emerges from the depths of COVID-19.

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.

Iraq had pledged to implement a cut of 57,000 b/d below its quota for June and 258,000 b/d below for July and August, OPEC + officials told Platts in June.