IRAQ'S OIL: NO RECORD

ARAB NEWS - Oil exports from southern Iraq are heading for a record high this month, two industry sources said, adding to signs that OPEC's second-largest producer is following through on a deal to raise supply and local unrest is not affecting shipments.

Southern Iraqi exports in the first 19 days of September averaged 3.6 million barrels per day, according to ship-tracking data compiled by an industry source, up 20,000 bpd from August's 3.58 million bpd — the existing monthly record.

The increase follows June's pact among OPEC and allied producers to boost supply after they had curbed output since 2017 to remove a glut. Iraq in August provided OPEC's second-largest increase as shipments drop from Iran, which is facing renewed US sanctions.

A second industry source who tracks shipments also said exports this month had averaged 3.6 million bpd, reflecting smooth operations at export terminals and no sign that unrest in Basra, Iraq's second city, was disrupting flows.

"There were fears that the protests would get to the terminal," this source said. "But so far, there is no impact."

Protests in Basra against Iraq's political elite erupted in July. In early September, Basra airport was attacked with rockets a6nd protesters briefly took oilfield workers hostage.

Before the June OPEC deal, Iraq had been boosting exports from southern terminals to offset a halt in shipments from the northern Kirkuk region last October after Iraqi forces seized control of oilfields there from Kurdish fighters.

Northern exports have held steady in September, averaging around 400,000 bpd so far, according to shipping data and one of the industry sources. This is up from about 300,000 bpd in July but short of levels above 500,000 bpd in some months of 2017.

On June 22-23, OPEC, Russia and other non-members agreed to return to 100 percent compliance with output cuts that began in January 2017. That amounted to an increase of about 1 million bpd, according to OPEC's de facto leader, Saudi Arabia.

A group of OPEC and non-OPEC ministers and officials monitoring the agreement are meeting on Sunday in Algeria and will discuss proposals on how to divide the increase.

Iraq has said it is ready to boost output and in August pumped an extra 90,000 bpd, OPEC's second-largest increase after Libya, according to analyst and oil-industry media estimates compiled by OPEC. Iraq itself said production in August was steady.

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Earlier: 

2018, September, 3, 15:10:00 IRAQ OIL EXPORTS: 4 MBD PLATTS - OPEC's second-largest producer, Iraq, boosted its southern crude oil exports to a new record high of 3.583 million b/d in August, according to the latest oil ministry data.

2018, August, 10, 10:20:00 IRAQI OIL PRODUCTION: 4.46 MBD PLATTS - Iraqi crude oil production hit its highest in 13 months in July of 4.46 million b/d, the country's State Oil Marketing Organization said Thursday.

2018, August, 3, 09:50:00 IRAQ'S OIL EXPORTS 3.5 MBD PLATTS - Iraqi southern crude oil exports in July surged to a record high of 3.543 million b/d, data from the oil ministry showed Wednesday, despite OPEC's second largest oil producer facing major protests near its key oil assets.

2018, April, 4, 09:15:00 IRAQ'S OIL PRODUCTION: 6.5 MBD PLATTS - Iraq has adjusted its crude oil production capacity target and is now aiming to achieve 6.5 million b/d by 2022, oil minister Jabbar al-Luaibi said Monday.

2018, April, 2, 09:30:00 IRAQ'S OIL EXPORTS: 3.45 MBD REUTERS - Iraq exported 3.453 million barrels per day (bpd) of crude oil from its southern ports in March, slightly above the February average, the oil ministry said on Sunday.

2018, January, 15, 09:55:00 IRAQ'S OIL PRODUCTION: 5 MBD PLATTS - Iraq is nearing a production capacity of 5 million b/d, though it will comply with its quota under the OPEC production cut agreement, oil minister Jabbar al-Luaibi said.

2018, January, 3, 15:40:00 IRAQ'S OIL EXPORT UP TO 3.535 MBD PLATTS - Federal crude oil exports from Iraq's southern Persian Gulf terminals edged up in December to reach a new record high, averaging 3.535 million b/d, up 33,000 b/d from in November, the latest data from the oil ministry showed.