Iraq has aligned its oil exports with the OPEC+ framework, trimming shipments to 3.3 million barrels per day beginning August 27, with an additional cut of 2.2 million barrels per day in overall production slated to continue through the end of November. This information comes from the Iraqi Ministry of Oil as reported by RIA Novosti.
The official statement notes that the reduction in exports is in step with Iraq’s commitments to the OPEC+ group and follows the recent visit to Baghdad by the OPEC Secretary General. The 3.3 million bpd export level took effect on August 27, 2024, marking a significant adjustment in the country’s energy export strategy. This move is framed as part of a broader effort to balance global supply within the OPEC+ alliance.
The ministry explained that the export cut aligns with reduced domestic consumption and is designed to sustain the agreed quota while offsetting higher volumes produced earlier. In practical terms, the country is managing a bridge between current production realities and the commitments established with fellow OPEC+ members to maintain market stability.
In addition, the ministry indicated that Iraq has reached an accord with seven other OPEC+ nations to extend the supplementary 2.2 million barrel per day reduction through November 2024. The plan envisions a gradual return to the prior production level starting December 1, 2024, with a view toward maintaining the trajectory through November 2025. The arrangement also reserves the possibility of revising these measures if market conditions warrant it. The extension reflects a coordinated effort to temper supply and safeguard energy markets during a period of shifting demand and geopolitical considerations.
India’s stainless steel shipments to Russia also faced a sharp reduction, a development noted in relation to broader global supply dynamics during the same timeframe. This point underscores how multiple market interventions across regions influence the flow of metals and energy, shaping supply chains and pricing signals for buyers and policymakers alike. The decision by India signals a strategic readjustment in trade patterns that complements the broader energy policy environment described above.