Every Barrel Is Needed
Whilst many members of the OPEC+ group are struggling to achieve its allotted output quota, one country that has been able to is Iraq. In April, the country managed to achieve crude production of 4.43 million bpd, an additional 282 kbd from March, (+6.8% MoM). Whilst this was only 16 kbd over Iraq’s quota, it points to continual output growth from OPEC's second largest producer. The country is allowed under the OPEC+ pact to raise output to 4.5 million bpd from June and has ambitions to significantly increase exports in the years ahead. Demand for Iraq's crude is also shifting, with European refiners increasingly eyeing Basrah Medium and Basrah Heavy as alternative feedstocks to Urals, whilst India (Iraq's largest customer) is transforming itself into one of the largest importers of Russian crude over the past 2.5 months. Iraqi exports could further shift if heavy grades from Iran and Venezuela are allowed to return to the markets this year.
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