Saturday, the Iraqi Ministry of Oil announced that the country’s crude oil exports exceeded 600 million barrels in the first half of 2024.
As per official figures, Iraq’s complete oil trades arrived at 618,044,445 barrels in the initial a half year of the year, with a typical month to month product of 103,007,407 barrels and an everyday gauge of 3,433,000 barrels, Shafaq News detailed.
Comparatively, this is up 3.77 percent from the same time period in 2023.
611,952,117 barrels of crude oil, 3,999,417 barrels from the Qayyarah oilfield, and 2,133,111 barrels were transported to Jordan, according to the Iraqi Oil Ministry.
Iraq sends about 65% of its crude oil through ports on the Arabian Gulf to Asian markets like China and India, the remaining 20% to Europe, and the remaining 15% to the United States.
Midway through July, the Iraqi Ministry of Oil stated that Iraq is committed to the OPEC-imposed voluntary output reduction.
Since the beginning of 2024, the Iraqi ministry has confirmed that Iraq will comply with OPEC’s voluntary reductions and receive compensation for any excess production.
In addition, the Iraqi Oil Ministry stated that it will maintain a daily production rate of four million barrels for the month of July and subsequent months.
In May, OPEC+ reported that two coalition members, Kazakhstan and Iraq, had agreed to further reduce their oil output until the end of 2024 to make up for excess production.
The two nations decided to submit plans for achieving full compliance in April.
Earlier, OPEC+ stated that Kazakhstan exceeded its quota by 389,000 barrels per day and Iraq exceeded its quota by 602,000 barrels per day in the first three months of 2024.
According to OPEC+, the detailed plans shared by both nations demonstrate that the entire excess production will be compensated for by the year’s end.