Iraq’s oil exports decline for second consecutive month amid OPEC production cuts

Shafaq News/ Iraq's crude oil exports fell for the second consecutive month in October, pressured by the Organization of the Petroleum Exporting Countries (OPEC) production cuts aimed at aligning output with the country’s daily allocation of 3.905 million barrels, including planned compensation.

The world’s second-largest OPEC producer saw a 3.28% monthly decline in exports, with shipments averaging 3.24 million barrels per day, mostly to China and India, according to data from S&P Global Commodity Insights.

Iraq’s oil production in October stood at 4.14 million barrels per day, also lower than September’s output but still above its OPEC+ quota of 3.905 million barrels per day.

Of Iraq’s October exports, 1.34 million barrels per day, or 41%, were shipped to China, which received 7.7 million barrels of heavy crude and 34.03 million barrels of medium crude. India took 28% of Iraq’s exports, receiving 16.27 million barrels of heavy crude and 11.95 million barrels of medium crude. China continues to be one of Iraq’s largest crude importers, having made substantial investments in the Gulf nation to secure its domestic energy needs.

Meanwhile, shipments to South Korea, the United States, Greece, Italy, and Turkiye saw a monthly decline in October.