• 4 minutes China 2019 - Orwell was 35 years out
  • 7 minutes Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 11 minutes Trump will capitulate on the trade war
  • 14 minutes Glory to Hong Kong
  • 51 mins China's Blueprint For Global Power
  • 5 hours Bloomberg: shale slowing. Third wave of shale coming.
  • 3 hours ABC of Brexit, economy wise, where to find sites, links to articles ?
  • 11 hours Boring! See Ya Clowns, And Have Fun In Germany
  • 1 hour Brexit agreement
  • 29 mins Yesterday Angela Merkel stopped Trump technology war on China – the moral of the story is do not eavesdrop on ladies with high ethical standards
  • 15 hours Crazy Stories From Round The World
  • 14 hours the future
  • 11 hours 5 Tweets That Change The World?
  • 1 hour Spain Is On The Edge...Clashes Between Catalonia And "Madrid"
  • 15 hours Climate Protesters Blocking Roads etc...
  • 11 hours Leftists crying to make oil patch illegal friendly: 'Broken system' starves U.S. oil boom of immigrant workers: CONGRESS DO YOUR JOBS INSTEAD OF PANDERING!
  • 10 hours USA Carried Out Secret Cyber Strike On Iran In Wake Of Saudi Oil Attack
Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

Premium Content

Iraq Agrees With Deal Extension, But Boosts Oil Exports To Record Levels

Iraq’s May export figures show the Middle Eastern nation reaching for the sky to dominate the Asian oil supply game, according to new shipping data analyzed by Bloomberg.

Sixty-two million barrels of crude left Iraqi ports in vessels over the first half of this month. At this rate, the country will clock in a 4.14 million bpd export rate – a sizeable increase from the 3.252 million bpd rate it reached in April.

Production restrictions from the Organization of Petroleum Exporting Countries (OPEC) dictate that the country should limit its production to 4.351 million barrels per day, but exports for bloc members remain unbound. Iraqi Oil Minister Jabbar al-Luaibi announced yesterday that his country backs efforts to extend the limits through March 2018.

Iraq’s compliance to its production target was always going to be a moving target as the country was reluctant to limit production in the first place,” Edward Bell, a commodities analyst at the UAE-based bank Emirates NBD, told Bloomberg. “The higher Iraqi volumes shows one of the flaws of the deal: the focus on production rather than exports.”

A large share of the new exports is likely reaching Asia. India imported more than 1 million bpd from Iraq last month, which made OPEC’s second-largest producer the top crude supplier to the fast growing Asian economy, data from Thomson Reuters showed earlier today. Previously, Saudi Arabia was the largest oil exporter to India.

Related: Oil Prices Set To Rise On Back Of OPEC Deal Extension

India preferred Iraq overtook the latter’s larger neighbor because of Basra Heavy’s cheaper price and its physical properties, which are “good for refineries with coker units…[and] good for conventional refiners that make bitumen as that is in demand in India,” according to the chairman of Hindustan Petroleum Corp., M. K. Surana.

Riyadh has cut export prices for Asia since news of emerging Iraqi dominance broke.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage



Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play