Iraqi oil output declining from recent highs

Workers from the Dhi Qar Oil Company perform maintenance at the Nassiriya oil field in February 2023. (Photo credit: Dhi Qar Oil Company)

Iraq’s nationwide crude oil production has dipped over the past two months to just over 4.6 million barrels per day (bpd), a reduction of about 150,000 bpd from January.

Output could fall further this month and beyond. Iraq’s northern pipeline has been offline since late March, taking down about 475,000 bpd of exports — and even if those flows resume, Iraqi production will still be squeezed by tighter OPEC-plus quotas that take effect in May.