Iraq's crude oil exports fell for the second month in a row in October, as the country adjusted its output in response to OPEC's production cuts. The Organization of the Petroleum Exporting Countries (OPEC) imposed these cuts to align Iraq's daily oil production with its allocated quota of 3.905 million barrels per day, including planned compensation.

According to data from S&P Global Commodity Insights, Iraq's oil exports dropped by 3.28% in October, averaging 3.24 million barrels per day. The bulk of these shipments were sent to China and India, with China continuing to be one of Iraq's largest crude importers, due to substantial investments made to secure its energy supply.

In October, Iraq's oil production stood at 4.14 million barrels per day, which was lower than September’s output but still exceeded its OPEC+ quota.

Of Iraq's total October exports, 41% (1.34 million barrels per day) were delivered to China, which received 7.7 million barrels of heavy crude and 34.03 million barrels of medium crude. India accounted for 28% of Iraq's exports, importing 16.27 million barrels of heavy crude and 11.95 million barrels of medium crude.

Shipments to other countries, including South Korea, the United States, Greece, Italy, and Turkey, experienced a decline in October, contributing to the overall drop in Iraq’s exports. Despite these challenges, Iraq's role as a major player in the global oil market remains pivotal, particularly due to its strategic ties with energy-hungry nations like China and India.