Iraq's oil exports fall by 3% in 2025's first quarter
Baghdad (IraqiNews.com) – With ongoing production cuts in accordance with OPEC+ agreements and further voluntary reductions, Iraq's average exports of crude oil and derivatives fell by 110,000 barrels per day in the first quarter of 2025, a three percent decline compared to 2024.
The most recent statistics from the Institute for Energy Research (IER) in Washington showed that Iraq's seaborne exports averaged 3.70 million barrels per day from January to March 2025, compared to 3.81 million barrels per day during the same period in 2024, Shafaq News reported.
The drop comes after Iraq pledged to implement a production adjustment plan in July 2024 to balance earlier excess that had conflicted with both its voluntary reductions and the larger OPEC+ goals.
Among the actions taken between November 2024 and February 2025 was a 90,000 barrels per day decrease.
Iraq produced an average of 3.99 million barrels per day of crude oil in the first quarter of 2025, down from 4.22 million barrels per day in the same period in 2024.
Iraq's average crude oil and petroleum derivatives exports during 2024 increased to 3.64 million barrels per day compared to 3.55 million barrels per day in 2023.
Over 70 percent of Iraq's oil exports in the first quarter of 2025 were sent to Asian buyers, who continued to be the largest consumers of Iraqi oil. The top three countries on the list were China (1.34 million barrels per day), India (940,000 barrels per day), and South Korea (380,000 barrels per day).
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