Back to today’s briefing

Story perspectives

Iraq Eyes Output Boost, Discounts as OPEC+ Raises June Supply

5/5/2026

36 5

Summary

Story summary

Deputy Oil Minister Basim Mohammed said Iraq could normalize output and exports within seven days after the Hormuz crisis ends.
Iraq offered discounts $33.40 for Basrah Medium and $30 for Basrah Heavy crude on May shipments, while State Oil Marketing Company (SOMO) said force majeure does not apply.
OPEC+ members, including Saudi Arabia and Iraq, will raise June output by 188,000 barrels per day, with increase while Hormuz remains closed.

History

Historical Context

October 1973 OAPEC, led by Saudi Arabia, imposed a 5 % cut and embargo that lifted world oil prices from about $3 to $12 a barrel. The crisis forced nations to diversify energy and value swift output changes, a lesson reflected today as Iraq’s deputy oil minister Basim Mohammed vows to restart shipments within a week after the Hormuz blockade ends.

1 of 2

Story summary

Deputy Oil Minister Basim Mohammed said Iraq could normalize output and exports within seven days after the Hormuz crisis ends.
Iraq offered discounts $33.40 for Basrah Medium and $30 for Basrah Heavy crude on May shipments, while State Oil Marketing Company (SOMO) said force majeure does not apply.
OPEC+ members, including Saudi Arabia and Iraq, will raise June output by 188,000 barrels per day, with increase while Hormuz remains closed.

1 / 2