Iraq lowered its oil exports by about 300,000 barrels per day (bdp), or by 8%, so far in June, Reuters reported on Tuesday, citing shipping data and industry sources. In the first two weeks of June, Iraq’s oil exports averaged 2.93 million bpd.
According to Reuters, export figures suggest that Iraq, the second-largest OPEC producers, is boosting its compliance with the OPEC+ output cut agreement.
Market reaction
This headline was largely ignored by investors. As of writing, the barrel of West Texas Intermediate (WTI) was trading at $37.55, gaining 1.32% on a daily basis.
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