• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 3 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days How Far Have We Really Gotten With Alternative Energy
  • 6 days By Kellen McGovern Jones - "BlackRock Behind New TX-LA Offshore Wind Farm"
  • 2 days Solid State Lithium Battery Bank
  • 14 days Natron Energy Achieves First-Ever Commercial-Scale Production of Sodium-Ion Batteries in the U.S.
  • 11 hours Bad news for e-cars keeps coming
  • 13 days The United States produced more crude oil than any nation, at any time.
Construction Costs Remain Elevated Despite Stabilizing Base Metals

Construction Costs Remain Elevated Despite Stabilizing Base Metals

The construction industry battles elevated…

Iraq Oil Exports From South Close To Record-High

Crude oil exports from southern Iraq are close to a record-high so far in September, averaging 3.6 million bpd as of yesterday, Reuters reports, citing sources in the know who had tracked shipping data to come up with the number. If the rate stays unchanged or rises, it will beat Iraq’s previous record of 3.58 million bpd hit last month.

It’s safe to say that Iraq, OPEC’s second-largest producer, was only too happy to boost oil production after the June 22 meeting of the cartel when members decided to start reversing their production cuts agreed in late 2016. Iraq never really managed to reduce production to its assigned quota anyway, and it was vocal against the quotas because of its heavy dependence on oil revenues as its economy is still in ruins after the war and the fight with Islamic State.

What’s more, the export rate data suggests that civil unrest, which has been rife since the summer, has not affected oil production. Indeed, any intentions on the part of protesters to try and cause production outages at oil fields have been quickly thwarted.

Besides the export growth, Iraq is also understandably eager to increase its oil production. However, according to at least one analyst, this will be difficult to achieve. IHS Markit’s Christopher Elsner, as cited earlier this week by Arab News, Iraq faces serious challenges in its quest for boosting its production, ranging from the current political and economic problems to lack of funds to invest in new production capacity development.

“There is a lot of investment in getting wells out of the ground. And there’s a lot of investment in exporting that oil. But the connections between the oil fields and the storage farms in the south and the export points have been what has really led to the bottlenecks in Iraq,” Elsner explained.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News