Iraq has boosted its oil exports as it gradually reverses voluntary production cuts per an OPEC+ agreement, according to SOMO, the state oil marketer, on Sunday.
This month, eight OPEC+ members decided to increase production by 137,000 barrels per day starting in October. Since April, OPEC+ has been raising production following years of reductions to stabilize the oil market.
SOMO’s director general Ali Nizar Al-Shatari informed the Iraqi state news agency that the rise in Iraqi exports could generate hundreds of millions in additional revenue at current prices.
Although he did not specify the exact increase, he mentioned that producing an additional 200,000 barrels per day would significantly benefit government finances.
In August, Iraq’s oil exports averaged 3.38 million barrels per day, as reported by the oil ministry. For September, SOMO anticipates average exports to be between 3.4 million and 3.45 million bpd.
Earlier this month, Iraqi Prime Minister Mohammed Shia al-Sudani expressed hope that other producers would reconsider Iraq’s export quota to better match its production capacity.
As OPEC’s largest overproducer, Iraq faces pressure from the group to reduce output to align with its agreed quota. In April, Iraq was among the countries that proposed further output cuts to offset excess production.
