The Strategist

Iraq authorities explain growing oil exports by lower domestic consumption

11/13/2023 - 02:16

Iraq maintains its support and commitment to the OPEC+ agreement, with the increase in oil exports connected with a drop in domestic consumption, according to the Iraqi Oil Ministry.

Jernej Furman
Jernej Furman
Iraq raised oil shipments to foreign markets by 3% at the end of October, to 3.53 million bpd. During the previous three months, the country's oil exports averaged 3.4 million barrels per day.

According to the Ministry of Oil, this dynamic is related to a drop in domestic oil consumption, which, in turn, could be due to seasonal variations or natural occurrences.

The ministry emphasized its adherence to the OPEC+ agreement in order to achieve oil market stability for producers, consumers, and investors, rather than "please some speculators seeking temporary gains."