Iraq boosts oil exports by 200,000 barrels per day after OPEC+ cuts ease

BAGHDAD — Iraq’s State Oil Marketing Organization said Sunday it has raised crude exports by 200,000 barrels per day following the phased end of voluntary production cuts under the OPEC+ framework, bringing in hundreds of millions of dollars in additional revenues to support the federal budget.

SOMO Director General Ali Al-Shatari told the state news agency that the increase was approved after OPEC and non-OPEC experts conducted a market balance study. “Iraq obtained an increase in its oil exports after the gradual end of voluntary cuts by OPEC members and allied countries,” he said.

Iraq had joined seven other producers in late 2023 to implement additional reductions, cutting its output by 223,000 barrels per day as part of a collective 2.2 million bpd cut. The curbs were extended several times and are now being unwound through 2025, depending on market conditions.

Al-Shatari said the new export levels will provide a significant boost to state finances. “With current prices ranging between $65 and $68 a barrel, and an annual average close to $70, the increase of about 200,000 barrels per day — equivalent to 6 million barrels monthly — will contribute hundreds of millions of dollars in additional revenues that can be invested to support budget requirements,” he said.

He added that SOMO is pursuing profit-sharing projects and commercial agreements with foreign companies, alongside activating a spot sales mechanism to secure premiums above official prices when demand allows.

According to Oil Ministry data, Iraq exported about 3.38 million barrels per day in August 2025.