Iraqi oil exports recede as OPEC-plus extends cuts

Iraqi oil exports fell slightly in November, suggesting that the Oil Ministry is continuing to limit production in an effort to improve compliance with its OPEC-plus quota.

Exports averaged 3.296 million barrels per day (bpd), according to a senior Oil Ministry official, down from 3.327 million bpd in October.

The Oil Ministry no longer publishes monthly revenue figures, but an Iraq Oil Report analysis based on export volumes and international benchmark pricing suggests the government earned about $7.01 billion in November, down from $7.47 billion in October. The reduction in revenue reflects slightly lower global oil prices, as well as one fewer day in the month.