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2020-10-06 15:40:00

IRAQ'S OIL EXPORTS UP

IRAQ'S OIL EXPORTS UP

PLATTS - 05 Oct 2020 - Iraq's total oil exports in September, including from the semi-autonomous Kurdish region, rose 1.3% from August led by higher Kurdish output, according to official ministry figures and export data for the Turkish port of Ceyhan report issued by local shipping agents.

OPEC's second-largest oil producer saw exports edge up to 3.063 million b/d in September from 3.023 million b/d in August, which was the lowest export rate since March 2015, data showed.

Exports included 2.613 million b/d under the auspices of the federal government, up from 2.597 million b/d in August, oil ministry figures showed, and 450,000 b/d from the Kurdish region, which is 5.6% higher than August's 426,000 b/d, according to the shipping report.

Iraqi officials, including deputy prime minister Ali Allawi, have accused the Kurdistan Regional Government of failing to adhere to OPEC+ output cuts, prompting the federal government to make up for overproduction in the semi-autonomous region.

The KRG denied accusations that it was not complying with the cuts in a Sept. 24 statement.

August compliance

Baghdad and Erbil had agreed to share the OPEC + production cuts proportionally, but figures from state-owned SOMO show the KRG achieved just 79% compliance with its quota in August, while the federal government hit 102%, according to official data released Sept. 10.

Iraq, which overproduced between May and July, had pledged to make up for its non-compliance by implementing extra cuts of 400,000 b/d in August and September.

Iraq lowered its crude oil output in August to 3.578 million b/d, SOMO figures showed Sept. 10, but remained above the 3.404 million b/d it had pledged to hold production to under the OPEC+ supply accord during that month.

Compensation cuts

However, the OPEC+ alliance has received plans from quota busters, including Iraq, to implement extra reductions until the end of 2020. Of the 2.375 million b/d of so-called "compensation cuts," the largest volume will come from Iraq, whose 698,000 b/d of catch-up cuts will be divided into 203,000 b/d in September and 165,000 b/d in October, November and December, according to an internal document seen by S&P Global Platts.

The Gulf terminals federal exports included 1.787 million b/d (72%) of Basrah Light oil with average gravity of 29-31 API and 713,000 b/d (28%) of Basrah Heavy oil with average gravity of 23-24 API.

Iraq raked in $3.167 billion from sales in September, selling its oil at an average price of $40.407/b, compared with $3.49 billion in August at $43.384/b.

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Earlier:

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