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Oil source: Basra crude will compensate for the absence of North oil
BAGHDAD - A source in the Iraqi sector said on Tuesday that a ministerial plan aimed at continuing to increase exports from the southern fields to compensate for the loss of Kirkuk shipments.
The increase in production from small oilfields developed by the state-run company helped push December exports up, but the increase last month did not fully offset the halt in North shipments, the source at the Basra Oil Company said.
December exports from the south go beyond the previous record of 3.51 million barrels per day in the same month in 2016, the month before the entry into force of an OPEC-led cut-off agreement on January 1, 2017.
Iraq is OPEC's second largest oil producer After Saudi Arabia, with a production capacity of 4.8 million barrels per day, Baghdad aims to increase to 5 million barrels per day.
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Oil source: Basra crude will compensate for the absence of North oil
BAGHDAD - A source in the Iraqi sector said on Tuesday that a ministerial plan aimed at continuing to increase exports from the southern fields to compensate for the loss of Kirkuk shipments.
The increase in production from small oilfields developed by the state-run company helped push December exports up, but the increase last month did not fully offset the halt in North shipments, the source at the Basra Oil Company said.
December exports from the south go beyond the previous record of 3.51 million barrels per day in the same month in 2016, the month before the entry into force of an OPEC-led cut-off agreement on January 1, 2017.
Iraq is OPEC's second largest oil producer After Saudi Arabia, with a production capacity of 4.8 million barrels per day, Baghdad aims to increase to 5 million barrels per day.
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