Iraq's oil production fall by 59,000 barrels per day
Baghdad (IraqiNews.com) – A senior Iraqi official at the State Organization for Marketing of Oil (SOMO) revealed on June 2 that the country's oil output in May declined by 59,000 barrels per day as Iraq plans to accelerate measures to compensate for prior overproduction.
Iraq's oil production quota rose by 49,000 barrels per day in May, reaching a total of 4.049 million barrels per day, as reported by S&P Global.
Since April 2024, eight OPEC+ countries, including Iraq, have resumed their voluntary production cuts of 2.2 million barrels per day. The production limit was set to rise to 411,000 barrels per day in May, June, and July 2025.
However, this increase coincides with its compensation plan, which is supposed to compensate for serial overproduction in 2024. In the most recent plan, announced by the OPEC secretariat in Vienna in April, Iraq pledged to produce oil less than its quota by 140,000 barrels per day in May.
The volume of crude oil that Iraq exported by sea declined to 3.27 million barrels per day in May 2025 compared to 3.30 million barrels per day in April 2025.
According to government sources, Iraq's oil exports in May and June 2025 are expected to be less than 3.2 million barrels per day to meet its OPEC+ production quota.
During the first five months of 2025, Iraq's crude oil exports averaged approximately 3.33 million barrels per day, compared to 3.45 million barrels per day during the same period in 2024.
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