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Iraq's oil exports rise in record, despite OPEC's agreement to cut production
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Oil exports from southern Iraq have been near a record high since the beginning of 2019. This could raise questions about whether OPEC's second-largest producer is implementing a cut-off deal, a source in the oil sector has revealed.
Tanker data on Reventiv-Ekon and another industry-driven source showed that average oil exports from southern Iraq during the first 21 days of January were 3.6 million bpd. It is close to the monthly record of 3.63 million bpd in December.
This figure indicates that there is little sign of even reducing Iraq's supplies, despite an agreement by the Organization of the Petroleum Exporting Countries (OPEC) and its allies to cut production by 1.2 million bpd from January 1 to support the market.
"No cuts so far," the source said on Monday, citing the pace of Iraqi exports.
The south is the main port for the export of Iraqi crude. On January 11, the director of Iraq's Basra Oil Company gave figures for January exports similar to those indicated by tanker and exporter data.
Iraq, which is boosting its oil export capacity, was reluctant to take part in OPEC's previous supply reduction agreement, which came into effect in 2017, and in some cases the Organization's least members were committed to the initiative.
The OPEC-led agreement applies to production rather than exports. Iraq may have [url=https://www.thebaghdadpost.com/ar/Story/t/13134/%D8%AE%D9%81%D8%B6 %D8%A7%D9%84%D8%A5%D9%86%D8%AA%D8%A7%D8%AC]reduced production,[/url] kept exports by withdrawing from crude stocks, or reduced supplies to domestic refineries.
However, oil traders and analysts will look at exports to assess whether the agreement results in reduced supply to the global market. To date, Iraq's exported shipments from the north have also declined significantly.
Exports from northern Iraq appeared to stabilize in January at about 400,000 bpd, according to data compiled by Reuters and the sector's exporter. That is well below the 500,000 bpd level in some months of 2017.
Baghdad says it will stick to the deal. Iraqi Oil Minister Thamir al-Ghadhban said on Jan. 4 that his country would keep output at the target level of [url=https://www.thebaghdadpost.com/ar/Story/t/80777/%D8%A7%D8%AA%D9%81%D8%A7%D9%82 %D8%A3%D9%88%D8%A8%D9%83]the OPEC deal[/url] in the first half of 2019.
Under the deal, Iraq would cut production by 141,000 barrels per day to 4.512 million bpd from January 1, January.
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Oil exports from southern Iraq have been near a record high since the beginning of 2019. This could raise questions about whether OPEC's second-largest producer is implementing a cut-off deal, a source in the oil sector has revealed.
Tanker data on Reventiv-Ekon and another industry-driven source showed that average oil exports from southern Iraq during the first 21 days of January were 3.6 million bpd. It is close to the monthly record of 3.63 million bpd in December.
This figure indicates that there is little sign of even reducing Iraq's supplies, despite an agreement by the Organization of the Petroleum Exporting Countries (OPEC) and its allies to cut production by 1.2 million bpd from January 1 to support the market.
"No cuts so far," the source said on Monday, citing the pace of Iraqi exports.
The south is the main port for the export of Iraqi crude. On January 11, the director of Iraq's Basra Oil Company gave figures for January exports similar to those indicated by tanker and exporter data.
Iraq, which is boosting its oil export capacity, was reluctant to take part in OPEC's previous supply reduction agreement, which came into effect in 2017, and in some cases the Organization's least members were committed to the initiative.
The OPEC-led agreement applies to production rather than exports. Iraq may have [url=https://www.thebaghdadpost.com/ar/Story/t/13134/%D8%AE%D9%81%D8%B6 %D8%A7%D9%84%D8%A5%D9%86%D8%AA%D8%A7%D8%AC]reduced production,[/url] kept exports by withdrawing from crude stocks, or reduced supplies to domestic refineries.
However, oil traders and analysts will look at exports to assess whether the agreement results in reduced supply to the global market. To date, Iraq's exported shipments from the north have also declined significantly.
Exports from northern Iraq appeared to stabilize in January at about 400,000 bpd, according to data compiled by Reuters and the sector's exporter. That is well below the 500,000 bpd level in some months of 2017.
Baghdad says it will stick to the deal. Iraqi Oil Minister Thamir al-Ghadhban said on Jan. 4 that his country would keep output at the target level of [url=https://www.thebaghdadpost.com/ar/Story/t/80777/%D8%A7%D8%AA%D9%81%D8%A7%D9%82 %D8%A3%D9%88%D8%A8%D9%83]the OPEC deal[/url] in the first half of 2019.
Under the deal, Iraq would cut production by 141,000 barrels per day to 4.512 million bpd from January 1, January.
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