[You must be registered and logged in to see this link.]
Oil production stumbles.. Iraq is losing revenues of 150,000 barrels per day
March 02 2022
Maintenance work and protests continue to stumble (Reuters)
Ultra Iraq - Editorial Team
Data issued by the oil marketing company "SOMO" showed that Iraq pumped 4.18 million barrels per day of oil in February, which is 150,000 barrels per day less than its quota under an agreement with other producers in OPEC +.
Iraq's oil exports fell in February by 150 thousand barrels per day
Production rose by only 13,000 barrels per day as of January, according to company data, as Iraq, like many other OPEC members, struggles to pump more oil at a time when tight global supplies are already suffering from rising demand and rising prices .
A report by " [You must be registered and logged in to see this link.] " translated by "Ultra Iraq" stated that the modernization work in Iraq's Gulf ports, which continued for most of 2021 and is scheduled to be completed in the second quarter, without pumping the country larger quantities.
Iraq also temporarily suspended more than a tenth of its oil production due to maintenance and protests.
The outages come from the West Qurna 2 oil field with a volume of 400,000 barrels per day and the Nassiriya oil field with 80,000 barrels per day.
The country was forced to decline in crude oil stocks last month, an average of 79,000 b/d from January, according to data from the Oil Marketing Company. This includes stocks in the semi-autonomous Kurdistan region .
The company's figures indicate that the Iraqi supply shortage means that its compliance with the OPEC + agreement reached 146% last month .
OPEC+, a grouping of the Organization of Petroleum Exporting Countries and its allies led by Russia, uses average secondary source production numbers to determine compliance .
A study conducted by "Reuters" revealed that OPEC pumped 28.39 million barrels per day in February, an increase of 420,000 barrels per day from January, and higher than the increase called for under the agreement, which is 254,000 barrels per day.
However, the ten OPEC member countries are still pumping less than what is required under the agreement, and OPEC's compliance with the pledged cuts was 136 percent, according to the survey, compared to 132% in January.
OPEC oil producers are due to meet on Wednesday. OPEC+ sources said the group was likely to agree to another 400,000 bpd increase in April.