Baku, Azerbaijan, June 21
By Leman Zeynalova – Trend:
Oil exports from Iraq in April fell by 25,000 barrels per day month-on-month, to a 5-month-low of 3.754 million barrels per day, according to the report of the Joint Organizations Data Initiative (JODI).
This is while the country exported 3.779 million barrels of oil per day in March 2017.
Moreover, Iraq’s crude output stood at 4.531 million barrels per day in April, as compared to 4.568 million barrels per day in March.
Iraq has undertaken the second largest cut in oil output after Saudi Arabia among the participants of the OPEC deal signed last year in Vienna.
However, the country has achieved a compliance rate of only 55 percent so far this year, according to the International Energy Agency (IEA).
On May 25, OPEC member countries and non-OPEC parties, Azerbaijan, Kingdom of Bahrain, Brunei Darussalam, Kazakhstan, Malaysia, Mexico, Sultanate of Oman, the Russian Federation, Republic of Sudan, and the Republic of South Sudan agreed to extend the production adjustments for a further period of nine months, with effect from July 1, 2017.
The reductions will be on the same terms as those agreed in November.
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