<p>Iraq's Oil Marketing Company (SOMO) has made deep cuts in Basra crude supplies to Asia in July as the producer complies with an OPEC+ pact to cut output, seven sources with knowledge of the matter said on Tuesday.</p>.<p>Iraq's supply cuts come on the back of similar reductions by the world's top exporter Saudi Arabia.</p>.<p>Both producers are members of the Organization of the Petroleum Exporting Countries which agreed earlier this month with allies including Russia, a grouping known as OPEC+, to extend a record 9.7 million barrels per day (bpd) of production cuts for a third month in July.</p>.<p>Iraq, which has been lagging behind its target, had already taken measures to further reduce its output and exports in June.</p>.<p>For July, Iraq's Basra crude supply cuts in Asia ranged from 30% to 100% of contract volumes, the sources said, adding that the degree of reduction varied among buyers.</p>.<p>"Some didn't get (any) allocation," one of the sources said.</p>.<p>For two Indian buyers, the cuts were about 36% and 75% of their monthly contract volumes, the sources said.</p>.<p>The overall amount of Basra crude supply for July is estimated to fall by 15% to 20% on average, the sources said.</p>.<p>Iraq planned to export 2.8 million bpd of Basra crude from its southern ports in June, its newly appointed oil minister said on Monday.</p>.<p>SOMO could not be immediately reached for comment outside its business hours.</p>.<p>Tighter crude supplies from OPEC+ countries have pushed up prices of Middle East and Russian sour crude in Asia, prompting buyers to seek oil from other regions, traders said.</p>
<p>Iraq's Oil Marketing Company (SOMO) has made deep cuts in Basra crude supplies to Asia in July as the producer complies with an OPEC+ pact to cut output, seven sources with knowledge of the matter said on Tuesday.</p>.<p>Iraq's supply cuts come on the back of similar reductions by the world's top exporter Saudi Arabia.</p>.<p>Both producers are members of the Organization of the Petroleum Exporting Countries which agreed earlier this month with allies including Russia, a grouping known as OPEC+, to extend a record 9.7 million barrels per day (bpd) of production cuts for a third month in July.</p>.<p>Iraq, which has been lagging behind its target, had already taken measures to further reduce its output and exports in June.</p>.<p>For July, Iraq's Basra crude supply cuts in Asia ranged from 30% to 100% of contract volumes, the sources said, adding that the degree of reduction varied among buyers.</p>.<p>"Some didn't get (any) allocation," one of the sources said.</p>.<p>For two Indian buyers, the cuts were about 36% and 75% of their monthly contract volumes, the sources said.</p>.<p>The overall amount of Basra crude supply for July is estimated to fall by 15% to 20% on average, the sources said.</p>.<p>Iraq planned to export 2.8 million bpd of Basra crude from its southern ports in June, its newly appointed oil minister said on Monday.</p>.<p>SOMO could not be immediately reached for comment outside its business hours.</p>.<p>Tighter crude supplies from OPEC+ countries have pushed up prices of Middle East and Russian sour crude in Asia, prompting buyers to seek oil from other regions, traders said.</p>