OPEC’s second-largest producer, Iraq, which is also the least compliant member of OPEC+, has made significant cuts in its crude oil exports so far in June, in a move suggesting that it is improving its compliance with the record production cuts. Exports from Iraq fell by 300,000 barrels per day (bpd), or by 8 percent, in the first two weeks of June compared to May, Reuters reported on Tuesday, quoting industry sources and ship-tracking data. Exports from the southern port of Basrah, Iraq’s main oil export terminal, have dropped by 170,000 bpd to average 2.93 million bpd so far this month, according to Reuters’ sources and tanker-tracking data. Exports from the north have also dropped, by around 130,000 bpd to some 350,000 bpd so far this month. These declines in Iraq’s crude oil exports suggest that OPEC’s second-largest producer is working to reduce supply after the leaders of the […]