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Iraq Plans 70,000 Barrels Daily Export Cut, Lowering 2025 Oil-Price Assumption Below $80

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Published Apr 16, 2025, 03:05 PM

Iraq, the second-largest producer in OPEC, is set to adjust its oil-price assumption in the federal budget following a market decline. The new price assumption for 2025 will be lower than last year's $80 per barrel, as confirmed by Mudher Saleh, a financial adviser to the prime minister. Additionally, Iraq plans to reduce its oil exports by 70,000 barrels per day, bringing the average daily shipments to 3.23 million barrels. This decision comes amid increasing pressure to meet its OPEC+ production targets.

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Iraq plans to cut oil exports this month as it faces growing pressure to adhere to its OPEC+ production target, according to an official with knowledge of the matter

Giovanni Staunovo🛢

@staunovo

#Iraq plans to cut oil exports this month as it faces growing pressure to adhere to its OPEC+ production target, according to an official with knowledge of the matter. The group’s second-largest producer aims to reduce shipments by 70,000 barrels a day to an average of 3.23

First Squawk

@FirstSquawk

IRAQ PLANS OIL EXPORT CUT AMID PRESSURE TO REACH OPEC+ TARGET