August crude exports dip as OPEC-plus compliance pressure rises
Iraq posted its second-lowest monthly crude loadings of the year as it looks to address mounting pressure to adhere to OPEC-plus quota agreements.
OPEC Secretary General Haitham Al Ghais (left) meets with Iraqi Prime Minister Mohammed Shia al-Sudani (center) and Oil Minister Hayyan Abdulghani (right) in Baghdad on Aug. 29, 2024. (Photo credit: Oil Ministry)
Iraq exported an average of 3.414 million barrels per day (bpd) in August, according to Oil Ministry data seen by Iraq Oil Report, down from 3.486 million bpd in July – the lowest monthly crude loading since January.
Oil revenues also tracked lower, from an estimated $9.08 billion in July to $8.49 billion in August, due to both a reduction in export volumes and a drop in global oil prices. In February, Iraq stopped reporting monthly oil revenues; the revenue estimates calculated by Iraq Oil Report are based on historical differentials between global benchmarks and Iraqi prices.*
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