• 5 minutes 'No - Deal Brexit' vs 'Operation Fear' Globalist Pushback ... Impact to World Economies and Oil
  • 8 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 12 minutes Will Uncle Sam Step Up and Cut Production
  • 3 hours Iran Is Winning Big In The Middle East
  • 5 hours Trump cancels Denmark visit amid spat over sale of Greenland
  • 8 hours Nor Chicago, nor Detroit: Killings By Police Divide Rio De Janeiro Weary Of Crime
  • 6 hours Strong, the Strongest: Audi To Join Mercedes, BMW Development Alliance
  • 1 hour Not The Onion: Vivienne Westwood Says Greta Thunberg Should Run the World
  • 4 hours US to Drown the World in Oil
  • 1 day Danish Royal Palace ‘Surprised’ By Trump Canceling Trip
  • 9 hours With Global Warming Greenland is Prime Real Estate
  • 7 hours Gretta Thunbergs zero carbon voyage carbon foot print of carbon fibre manufacture
  • 19 hours OPEC will consider all options. What options do they have ?
  • 1 day A legitimate Request: France Wants Progress In Ukraine Before Russia Returns To G7
  • 2 hours Long Range Attack On Saudi Oil Field Ends War On Yemen
  • 24 hours What to tell my students
Investors Are Ditching High-Yield Shale Bonds

Investors Are Ditching High-Yield Shale Bonds

Investors in high-yield shale bonds…

Iraq Reaches 4.5M Bpd Oil Production, As Cracks Start to Show

Iraq Oil Output

Iraq is now producing around 4.5 million barrels per day, up from April but below its record of 4.78 million bpd in January this year, while power outages threaten capacity in the major oil-producing regions of the south and politics has re-routed production in the north.

According to Somo, Iraq’s state-run crude marketer, since January production has fallen by 200,000-300,000 bpd at various times due to power vulnerabilities and the ongoing dispute with the Kurdistan Region of Iraq, which is making an independence bid on the back of unilateral oil exports.

"There is volatility around 100,000 to 200,000 bpd each month," Somo head Falah Alamri told reporters on the sidelines of an Iraq oil conference in London.

Related:Is OPEC A U.S. National Security Threat?

Iraq’s production capacity is said to be up to 4.9 million barrels per day, and by 2020 it’s hoping to boost that capacity to 6 million bpd.

Some 175,000 bpd has been lost and would normally have come out of Kirkuk, which lies in the northern territory disputed between the central government of Iraq and Kurdistan Regional Government (KRG) and has also been under threat by the Islamic State (ISIS).

Power outages have also led to drops in production in the south ranging from 50,000-70,000 bpd, and this remains a concern.

Related: Oil Prices Spike Ahead Of Inventory Reports

In terms of exports, Somo said April saw 3.36 million barrels per day go out of the southern ports. But that’s just what Baghdad controls. The KRG exported around 510,000 bpd on its own in April.

But to reach it’s 6-million-bpd goal, it’s going to need power.

Last week, the International Monetary Fund (IMF) agreed to terms for a US$5.4-billion low-interest loan for Iraq.

By Charles Kennedy of 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