Iraq’s oil exports decline for second consecutive month amid OPEC production cuts
Shafaq News/Iraq's crude oil exports fell for the second consecutive month in October, pressuredby the Organization of the Petroleum Exporting Countries (OPEC) production cutsaimed at aligning output with the country’s daily allocation of 3.905 millionbarrels, including planned compensation.
The world’ssecond-largest OPEC producer saw a 3.28% monthly decline in exports, withshipments averaging 3.24 million barrels per day, mostly to China and India,according to data from S&P Global Commodity Insights.
Iraq’s oilproduction in October stood at 4.14 million barrels per day, also lower thanSeptember’s output but still above its OPEC+ quota of 3.905 million barrels perday.
Of Iraq’sOctober exports, 1.34 million barrels per day, or 41%, were shipped to China,which received 7.7 million barrels of heavy crude and 34.03 million barrels ofmedium crude. India took 28% of Iraq’s exports, receiving 16.27 million barrelsof heavy crude and 11.95 million barrels of medium crude. China continues to beone of Iraq’s largest crude importers, having made substantial investments inthe Gulf nation to secure its domestic energy needs.
Meanwhile,shipments to South Korea, the United States, Greece, Italy, and Turkiye saw amonthly decline in October.
