Iraq Increases Oil Exports Post OPEC+ Cuts, Boosts Revenues

Iraq has increased its crude oil exports by approximately 200,000 barrels per day as OPEC+ members gradually lift voluntary production cuts, enhancing the country's revenue by hundreds of millions of dollars annually. This boost in exports comes after an OPEC+ agreement to raise production by 137,000 barrels per day starting in October, reversing previous output restrictions aimed at supporting oil prices. Iraq's exports averaged about 3.38 million barrels per day in August, with expectations to reach between 3.4 and 3.45 million barrels per day in September. The increased oil revenues are critical for funding Iraq's federal budget, and the government is also considering reducing taxes on foreign oil companies to attract investment. Prime Minister Mohammed Shia al-Sudani has urged OPEC+ to reconsider Iraq's export quota to better match its production capacity, as Iraq has historically overproduced relative to its agreed limits. Additionally, projects like TotalEnergies' development of the Ratawi oilfield and a seawater treatment plant are progressing as part of Iraq's broader energy sector expansion.