Iraq’s oil exports from southern ports rise in May

Oil exports from Iraq’s southern ports on the Gulf have risen to 3.454 million barrels per day (bpd) so far this month, two oil officials told Reuters on Thursday.

Exports from the southern Basra oilfields were 3.354 million bpd in April and 3.254 million bpd in March.

“We have the capacity to pump more oil but we’re keen to respect the OPEC cut deal,” said one oil official who oversees oil export operations.

Iraq is producing below its maximum capacity of nearly 5 million bpd in line with a deal between the Organization of the Petroleum Exporting Countries and other producers to curtail supply and support prices.

OPEC member Iraq agreed to cut output to 4.512 million bpd. The bulk of Iraq’s oil is exported via southern terminals. Crude exports account for more than 95 percent of the country’s state revenue.