On Saturday, the Iraqi Ministry of Oil said that during the first half of 2024, the nation’s crude oil exports had topped 600 million barrels.
The official figures show that, for the first half of the year, Iraq’s total oil trade amounted to 618,044,445 barrels; average monthly output was 103,007,407; daily average was 3,433,000 Shafaq News said.
Compatively, this is up 3.77 percent from the same period in 2023.
Along with 3,999, 417 barrels from the Qayyarah oilfield and 2, 133, 111 barrels, the Iraqi Oil Ministry also announced 611,952,117 crude oil shipments were sent to Jordan.
About 65% of Iraq’s crude oil is sent to Asian markets including China and India via ports on the Arabian Gulf; the remaining 20% goes to Europe, and the last 15% to the United States.
The Iraqi Ministry of Oil declared that Iraq would follow the OPEC-mandated voluntary output cut midway through July.
Starting from the beginning of 2024, the Iraqi ministry has been ensuring that Iraq will follow OPEC’s voluntary cuts but will pay compensation for too high production starting this year.
Furthermore, the Iraqi Oil Ministry said it would keep a four million barrel daily output for July and next months.
Last May, the group OPEC+ revealed that two coalition members, Kazakhstan and Iraq, had agreed to progressively reduce their oil output until the end of 2024 due to oversupply.
The two nations decided to forward strategies outlining how they will achieve complete compliance in April.
Earlier, OPEC+ said that in the first quarter of 2024 Kazakhstan had produced 389,000 barrels daily more than its quota and Iraq 602,000 barrels more in excess of its limit.
OPEC+ believes that thorough plans acquired from both nations show that the overproduction will be totally offset by the end of this year.