RUS | ENG | All
Enter the email or login, that you used for registration.
If you do not remember your password, simply leave this field blank and you will receive a new, along with a link to activate.

Not registered yet?
Welcome!

2019-08-07 12:10:00

IRAQ'S OIL PRODUCTION 4.62 MBD

IRAQ'S OIL PRODUCTION 4.62 MBD

PLATTS - Iraq's crude oil production in July rose to 4.62 million b/d, the country's State Oil Marketing Organization said late Sunday, its highest monthly output figure since January 2017, according to official data.

Exports were up steadily, rising to 4.002 million b/d in July from 3.955 million b/d in June, SOMO said in a letter Thursday addressed to S&P GlobalPlatts. The figures include the Kurdish region in northern Iraq.

Iraqi oil output in July jumped after two consecutive months of production averaging 4.60 million b/d.

Earlier this week, the oil ministry said federal crude oil exports in July rose 46,000 b/d to 3.566 million, boosted by higher volumes from its southern terminals.

This suggests the Kurdish region shipped 436,000 b/d in July from 435,000 b/d and 513,000 b/d in June and May respectively.

SOMO's July figure puts total domestic consumption for power generation and refining for the month at 618,000 b/d from 645,000 b/d in June.

CONSISTENTLY NON-COMPLIANT

This makes it the sixth month out of seven that Iraq has been non-compliant with the current OPEC/non-OPEC cuts, according to ministry data.

Iraq had committed to keep output below a 4.512 million b/d cap as part of output cuts agreed by OPEC and other producers.

Analysts and independent estimates have put Iraqi production and exports at higher levels than those reported by the ministry.

The latest Platts OPEC Survey put Iraqi crude output at 4.78 million b/d in July. This was up 10,000 b/d from June, but down from May when it pumpeda record high of 4.82 million b/d.

OPEC's second-largest producer pledged to cut 140,000 b/d from its October output baseline under the OPEC-led deal to remove 1.2 million b/d of production in a bid to support oil prices.

-----


Earlier:

IRAQ'S OIL PRODUCTION 4.62 MBD
2019, July, 31, 13:40:00
IRAQ'S GDP UP 4.6%
The fiscal and external positions are expected to continue to deteriorate over the medium term absent policy changes—with reserves falling below adequate levels and fiscal buffers eroded. Although the level of public debt will remain sustainable, gross fiscal financing needs will increase. Non-oil GDP growth is projected to reach 5½ in 2019 but subside over the medium term.
IRAQ'S OIL PRODUCTION 4.62 MBD
2019, July, 3, 11:20:00
IRAQ'S OIL EXPORTS DOWN TO 3.52 MBD
The June shipments included 3.39 million b/d from Gulf terminals, 105,000 b/d from Kirkuk through the Ceyhan terminal and 25,000 b/d of heavy Qayara oil transported by truck to the southern port of Um Qasr.
All Publications »
Tags: IRAQ, OIL, PRODUCTION