September exports fall as Iraq claims OPEC quota compliance
Production cuts that started in August appear to be reflected in a 100,000 bpd reduction in September oil sales.
Workers attempt repairs on the SPM-1 export buoy on Sept. 8, 2019. (Source: Basra Oil Company media office)
Iraqi crude exports fell by just over 100,000 bpd in September, to 3.310 million barrels per day (bpd), according to Oil Ministry data, following recent production cuts made in response to pressure from the OPEC-plus producers group.
Due to both reduced volumes and softening global prices, monthly revenues also decreased. An Iraq Oil Report analysis based on global benchmarks, official Iraqi selling prices, and historical pricing trends suggests September oil sales were worth $7.11 billion, down from $8.49 billion in August.
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