Iraq’s crude oil exports fall to three-month low in March

Oil

Iraq’s crude oil exports declined by 189K b/d m-o-m and 678K b/d y-o-y to 3.27M b/d in March, falling to a three-month low after previously reaching a nine-month high in February, according to Energy Intelligence. Loadings from the Southern port of Basrah decreased by 85K b/d m-o-m and 471K b/d y-o-y to 2.83M b/d, while exports of Kurdish and Kirkuk crude via the Turkish port of Ceyhan also fell by 104K b/d m-o-m to 414K b/d.

Iraq was around 106% compliant with its OPEC+ output cuts in March, producing approximately 50K b/d below its agreed limit for the month at 3.81M b/d, after receiving continued pressure from Saudi Arabia to compensate for previous overproduction.