Iraq's oil exports fall 3% in Q1 2025

According to the Energy Research Unit, in the first three months of the year, oil and petroleum products supplies from Iraq decreased by 110,000 barrels per day (bpd) year-on-year, totaling 3.7 million bpd.

The 3% decline in overseas supplies came against the backdrop of continued restrictions on oil output under OPEC+ agreement. Nevertheless, as Oilprice.com reports, Iraq still exceeds the organization’s quota. For several years, the country has been producing more crude oil than permitted. Along with Kazakhstan and Russia, the country has the highest levels of overproduction.

Information from the Energy Research Unit shows Iraq's oil output also declined in the first quarter, averaging 3.99 million bpd in contrast to 4.22 million bpd for the same period in 2024.

The country plans to cut its daily energy exports by approximately 100,000 barrels, bringing the total to 3.2 million barrels next month, Bloomberg reports, citing a source from the government.