• 5 minutes Rage Without Proof: Maduro Accuses U.S. Official Of Plotting Venezuela Invasion
  • 11 minutes IEA Sees Global Oil Supply Tightening More Quickly In 2019
  • 14 minutes Paris Is Burning Over Climate Change Taxes -- Is America Next?
  • 2 hours Alberta govt to construct another WCS processing refinery
  • 2 hours What Can Bring Oil Down to $20?
  • 2 hours Let's Just Block the Sun, Shall We?
  • 2 hours U.S. Senate Advances Resolution To End Military Support For Saudis In Yemen
  • 1 day Regular Gas dropped to $2.21 per gallon today
  • 2 hours Venezuela continues to sink in misery
  • 2 hours OPEC Cuts Deep to Save Cartel
  • 1 day Waste-to-Energy Chugging Along
  • 1 day Sane Take on the Russia-Ukraine Case
  • 4 hours Contradictory: Euro Zone Takes Step To Deeper Integration, Key Issues Unresolved
  • 4 hours WTO So Set Up Panels To Rule On U.S. Tariff Disputes
  • 3 hours $867 billion farm bill passed
  • 24 hours Sleeping Hydrocarbon Giant
Alt Text

OPEC+ Succeeds, What’s Next For Oil?

OPEC and its partners managed…

Alt Text

Is This The Most Crucial Factor For Oil In 2019?

Weakness in global equities and…

Alt Text

Iran: Don’t Count On A New OPEC Deal

Iran’s OPEC ambassador Ardebili said…

Irina Slav

Irina Slav

Irina is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing on the oil and gas industry.

More Info

Trending Discussions

Despite Promises To Cut, Iraq Raises February Oil Exports

Crude oil exports from Iraq went up by 1 percent to 3.85 million barrels daily in February, despite the OPEC oil production cut that has seen Saudi Arabia and other major Gulf exporters cut their shipments abroad.

Most of the increase came from the Kurdistan autonomous region, over which the central government in Baghdad has no real control: exports from the northern fields around Kirkuk that are under the control of the Kurdistan Regional Government rose by 9 percent, according to data compiled by Bloomberg.

Shipments from Iraq’s largest port of Basra went up by 1 percent.

Iraq has been the focus of worry regarding the OPEC deal because of its dependence on oil revenues. OPEC’s second-biggest producer pledged – after much opposition – to reduce its daily output by 210,000 barrels but it has not yet reached the mark. According to the latest data available, at the end of January its production was still 130,000 bpd above this quota.

Many expected Iraq to cheat on the output cut deal, and these expectations were heightened after the country reported a daily export rate of 3.51 million bpd from the Basra terminal in December – a record high.

Reports about ambitious plans for expanding Iraq’s refining capacity contributed to the pessimism, but Oil Minister Jabar al-Luaibi reassured the market that Iraq will stick to its undertaking in the production cut agreement, adding that it plans to tender five new refineries on an investment basis, and expand existing ones, most of them damaged during the war with IS.

Despite the worries, Iraqi officials are doing their best to reassure the market that the country will honor its word and cut production as agreed. Earlier this month, for instance, loading data reported by Reuters revealed that exports from Basra, the largest oil export terminal in the country, were to be cut to 3.01 million bpd in March – the lowest daily since last August.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News