• 1 hour This Country Produces 39% Of The World’s Uranium
  • 2 hours Australia Can Achieve A Zero-Carbon Gas Grid By 2050
  • 4 hours Is A Russia-Cuba Energy Deal In The Works?
  • 3 days Iraq Begins To Rebuild Largest Refinery
  • 3 days Canadian Producers Struggle To Find Transport Oil Cargo
  • 3 days Venezuela’s PDVSA Makes $539M Interest Payments On Bonds
  • 3 days China's CNPC Considers Taking Over South Pars Gas Field
  • 3 days BP To Invest $200 Million In Solar
  • 3 days Tesla Opens New Showroom In NYC
  • 3 days Petrobras CEO Hints At New Partner In Oil-Rich Campos Basin
  • 3 days Venezuela Sells Oil Refinery Stake To Cuba
  • 3 days Tesla Is “Headed For A Brick Wall”
  • 4 days Norwegian Pension Fund Set to Divest From Oil Sands and Coal Ventures
  • 4 days IEA: “2018 Might Not Be Quite So Happy For OPEC Producers”
  • 4 days Goldman Bullish On Oil Markets
  • 4 days OPEC Member Nigeria To Issue Africa’s First Sovereign Green Bond
  • 4 days Nigeria To Spend $1B Of Oil Money Fighting Boko Haram
  • 4 days Syria Aims To Begin Offshore Gas Exploration In 2019
  • 4 days Australian Watchdog Blocks BP Fuel Station Acquisition
  • 4 days Colombia Boosts Oil & Gas Investment
  • 5 days Environmentalists Rev Up Anti-Keystone XL Angst Amongst Landowners
  • 5 days Venezuelan Default Swap Bonds At 19.25 Cents On The Dollar
  • 5 days Aramco On The Hunt For IPO Global Coordinators
  • 5 days ADNOC Distribution Jumps 16% At Market Debut In UAE
  • 5 days India Feels the Pinch As Oil Prices Rise
  • 5 days Aramco Announces $40 Billion Investment Program
  • 5 days Top Insurer Axa To Exit Oil Sands
  • 6 days API Reports Huge Crude Draw
  • 6 days Venezuela “Can’t Even Write A Check For $21.5M Dollars.”
  • 6 days EIA Lowers 2018 Oil Demand Growth Estimates By 40,000 Bpd
  • 6 days Trump Set To Open Atlantic Coast To Oil, Gas Drilling
  • 6 days Norway’s Oil And Gas Investment To Drop For Fourth Consecutive Year
  • 6 days Saudis Plan To Hike Gasoline Prices By 80% In January
  • 6 days Exxon To Start Reporting On Climate Change Effect
  • 7 days US Geological Survey To Reevaluate Bakken Oil Reserves
  • 7 days Brazil Cuts Local Content Requirements to Attract Oil Investors
  • 7 days Forties Pipeline Could Remain Shuttered For Weeks
  • 7 days Desjardins Ends Energy Loan Moratorium
  • 7 days ADNOC Distribution IPO Valuation Could Be Lesson For Aramco
  • 7 days Russia May Turn To Cryptocurrencies For Oil Trade
U.S. Oil Rig Count Dips, Ending 5 Week Streak

U.S. Oil Rig Count Dips, Ending 5 Week Streak

Baker Hughes has reported that…

U.S. Shale Looks Beyond The Sweet Spots

U.S. Shale Looks Beyond The Sweet Spots

Increased efficiency and healthier corporate…

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

Iraq Reduces Exports From Basra Terminal

Iraq Oil

Iraq will reduce the amount of crude oil it exports via its largest port terminal in Basra to 3.013 million bpd next month, according to loading data seen by Reuters. This is the lowest daily figure since last August. The Basra light blend will account for 2.21 million bpd of total Basra exports.

This may be a signal that Iraq is working to improve its compliance with the November 30 production cut agreement struck by OPEC’s members in a bid to prop up crude prices. As of end-January, Iraq was still producing 130,000 bpd above its quota.

In a string of mixed signals, however, last week, the state-owned South Oil Company, which operates the Basra terminal, said it would stop operations for 24 hours because of the installation of a new feed-in pipeline: the terminal’s loading capacity currently stands at 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.

Expansion works should finish by June, suggesting that Iraq, like Saudi Arabia, does not believe an extension of the OPEC production cut agreement will be necessary. While the negotiations on the agreement were ongoing, Iraq was vocal in its insistence to be exempted from it as oil revenues are vitally important for the country, which is still fighting ISIS and needs every petrodollar to continue doing it.

Related: Will Rising U.S. Production Drive OPEC Into A Corner?

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.

Last week the International Energy Agency commended OPEC on its high compliance rate, which was estimated at around 90 percent, according to various reports, with Iraq standing out as the biggest underperformer.

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