• 3 minutes Don't sneeze. Coronavirus is a threat to oil markets and global economies
  • 5 minutes Boris Johnson taken decision about 5G Huawei ban by delay (fait accompli method)
  • 9 minutes This Battery Uses Up CO2 to Create Energy
  • 12 minutes Shale Oil Fiasco
  • 8 hours Historian Slams Greta. I Don't See Her in Beijing or Delhi.
  • 24 hours We're freezing! Isn't it great? The carbon tax must be working!
  • 1 day US (provocations and tech containment) and Chinese ( restraint and long game) strategies in hegemony conflict
  • 4 hours Trump has changed into a World Leader
  • 5 hours Beijing Must Face Reality That Taiwan is Independent
  • 2 days Indonesia Stands Up to China. Will Japan Help?
  • 2 hours Let’s take a Historical walk around the Rig
  • 5 hours Tesla Will ‘Disappear’ Or ‘Lose 80%’ Of Its Value
  • 4 hours Yesterday POLEXIT started (Poles do not want to leave EU, but Poland made the decisive step towards becoming dictatorship, in breach of accession treaty)
  • 2 days Might be Time for NG Producers to Find New Career
  • 2 days Environmentalists demand oil and gas companies *IN THE USA AND CANADA* reduce emissions to address climate change
  • 3 days Anti-Macron Protesters Cut Power Lines, Oil Refineries Already Joined Transport Workers as France Anti-Macron Strikes Hit France Hard
Oil Prices Head Lower Despite Small Crude Draw

Oil Prices Head Lower Despite Small Crude Draw

Oil prices continued to trade…

Barclays: Global Oil Demand Is Set To Jump In 2020

Barclays: Global Oil Demand Is Set To Jump In 2020

Barclays expects crude oil demand…

Iraq Exporting More Oil Now Than Before Production Cut Agreement

Shipping

Iraq exported the most crude oil in May over the last six months, shipping data from Bloomberg has revealed. That’s despite the OPEC production cut agreed to in November 2016 and extended last week. By the time the extension was announced, OPEC’s number-two was still suspected of not having hit its target of 210,000 bpd less in production.

However, as Iraq’s Oil Minister Jabbar al-Luaibi told media at the OPEC meeting in Vienna that oil exports from the semi-autonomous region of Kurdistan were not subject to the extension of OPEC’s production cuts. Kurdistan exports around 600,000 bpd, most via the Kirkuk-Ceyhan pipeline.

The daily export rate for Iraqi oil last month averaged 3.93 million barrels—higher than the rate for October—the month that was taken as basis for the new production quotas for OPEC members and their partners in the cut deal.

While Iraq has been struggling with keeping its end of the deal, it has also been expanding its export capacity. In February, state-owned South Oil Company said it would halt operations at the country’s largest terminal, in Basra, to install a new feed-in pipeline. The Basra terminal has a loading capacity of 1.8 million bpd. In January, the South Oil Company also announced an expansion of another oil export terminal, Khor al-Amaya, to bring its daily capacity to 1.2 million barrels.

Related: Russia’s Economy Minister: Russia Can Live Forever At $40 Oil

When the initial production cut deal was inked, Iraq was widely considered to be the first among OPEC members to cheat. It has been very slow to reduce its production, unsurprising given its long-suffering economy that relies on oil revenues to fight what remains of IS and keep the country going in the absence of any viable revenue source alternatives.

According to OPEC’s latest Monthly Oil Market Report Iraq pumped 4.37 million barrels of crude daily in April, down from 4.41 million bpd a month earlier. The April figure, however, is close to the average for 2016, which stood at 4.39 million barrels daily.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | 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