11:19 - 8.10.2024

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October 8, Fineko/abc.az. Iraq exported an average of 3.31 million b/d of oil in September.

ABC.AZ informs, referring to Iraq Oil Report with reference to the Ministry of Oil. By the end of August, this figure was 3.414 million b/d. Thus, during the month Iraq reduced supplies to foreign markets by 3%, or slightly more than 100,000 b/d.

Revenue from oil sales last month reached $7.11 billion compared with $8.49 billion in August. The decrease is linked with both a reduction in exported volumes and a drop in world prices.

Iraq is the main "violator" of the agreements among the OPEC+ countries, which have announced a voluntary cut in oil production. The country's accumulated over-production in the first 7 months of this year totaled 1.44 million b/d. To compensate for these volumes, the Iraqi Oil Ministry submitted to the OPEC Secretariat a schedule according to which it undertakes to cut production by 90,000-120,000 b/d per month relative to the permitted level by September 2025.