Oil Daily | Iraq, Russia Adjust Exports Amid OPEC Cuts; Pakistan Boosts Reserves, Eyes US Crude
Saturday, Apr 19, 2025 8:01 am ET
1min read 【Global Oil Supply and Demand】
Iraq's crude and oil product exports fell by 110,000 barrels per day from a year earlier to 3.7 million bpd in Q1 2025, despite OPEC's second-largest producer continuing to restrict oil production as part of agreements. Iraq has overproduced above its ceiling for years, alongside Kazakhstan and Russia.
Iraq's crude oil production declined in Q1 to 3.99 million bpd, down from 4.22 million bpd in the same period of 2024. OPEC states cutting oil production must compensate 4.57 million bpd in overproduction by June 2026. Iraq aims to offset overproduction with monthly cuts of 120,000-140,000 bpd.
The shipping cost of Russian crude from Baltic ports to India dropped in April as the price of Russia's Urals slid below the G7 price cap. This increases tanker availability, allowing compliant shipments with Western insurance if sold below $60 per barrel, affecting Russia's economy.
Pakistan's domestic oil reserves increased by 23% annually to 238 million barrels by December 2024, with key fields like Pasakhi contributing. Despite higher domestic reserves, Pakistan continues to import oil, primarily from Middle Eastern exporters. Pakistan is considering importing U.S. crude oil to reduce trade surplus.
【Oil-Producing Countries Dynamics】
Iraq plans to reduce crude oil exports by 100,000 bpd to 3.2 million bpd next month, pressured by OPEC producers to comply with production cuts. Since 2016, OPEC has struggled with overproduction from members, undermining the efficiency of cuts.
【Latest Oil Policies】
OPEC announced plans to offset all above-quota output by June 2026, with potential opportunities to accelerate compensation through production boosts. Iraq and Kazakhstan face pressure to comply with production cuts.
【Others】
U.S. air strikes on a fuel port in Yemen killed 58 people, targeting Iran-backed Houthis using fuel for military operations and economic benefit. The strikes aim to deprive Houthis of illegal revenue and reduce their economic power, though the Houthis labeled the attack a war crime.
The U.S. may abandon efforts to broker a Russia-Ukraine peace agreement if no progress is made soon, as Secretary of State Marco Rubio urges quick determination. The U.S. and Ukraine signed an intent memorandum for a mineral resource partnership and a reconstruction fund.
Pakistan and Turkey signed an agreement to explore and potentially develop offshore oil and gas resources. Turkish Petroleum Corporation and Pakistan’s oil companies will make joint bids for tender blocks, enhancing energy security and regional strategic partnership.
Iraq's crude and oil product exports fell by 110,000 barrels per day from a year earlier to 3.7 million bpd in Q1 2025, despite OPEC's second-largest producer continuing to restrict oil production as part of agreements. Iraq has overproduced above its ceiling for years, alongside Kazakhstan and Russia.
Iraq's crude oil production declined in Q1 to 3.99 million bpd, down from 4.22 million bpd in the same period of 2024. OPEC states cutting oil production must compensate 4.57 million bpd in overproduction by June 2026. Iraq aims to offset overproduction with monthly cuts of 120,000-140,000 bpd.
The shipping cost of Russian crude from Baltic ports to India dropped in April as the price of Russia's Urals slid below the G7 price cap. This increases tanker availability, allowing compliant shipments with Western insurance if sold below $60 per barrel, affecting Russia's economy.
Pakistan's domestic oil reserves increased by 23% annually to 238 million barrels by December 2024, with key fields like Pasakhi contributing. Despite higher domestic reserves, Pakistan continues to import oil, primarily from Middle Eastern exporters. Pakistan is considering importing U.S. crude oil to reduce trade surplus.
【Oil-Producing Countries Dynamics】
Iraq plans to reduce crude oil exports by 100,000 bpd to 3.2 million bpd next month, pressured by OPEC producers to comply with production cuts. Since 2016, OPEC has struggled with overproduction from members, undermining the efficiency of cuts.
【Latest Oil Policies】
OPEC announced plans to offset all above-quota output by June 2026, with potential opportunities to accelerate compensation through production boosts. Iraq and Kazakhstan face pressure to comply with production cuts.
【Others】
U.S. air strikes on a fuel port in Yemen killed 58 people, targeting Iran-backed Houthis using fuel for military operations and economic benefit. The strikes aim to deprive Houthis of illegal revenue and reduce their economic power, though the Houthis labeled the attack a war crime.
The U.S. may abandon efforts to broker a Russia-Ukraine peace agreement if no progress is made soon, as Secretary of State Marco Rubio urges quick determination. The U.S. and Ukraine signed an intent memorandum for a mineral resource partnership and a reconstruction fund.
Pakistan and Turkey signed an agreement to explore and potentially develop offshore oil and gas resources. Turkish Petroleum Corporation and Pakistan’s oil companies will make joint bids for tender blocks, enhancing energy security and regional strategic partnership.
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