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2021-11-02 13:35:00

IRAQ OIL EXPORTS UP

IRAQ OIL EXPORTS UP

PLATTS - 01 Nov 2021 - Iraq's federal oil exports, excluding flows from the semi-autonomous Kurdistan region, rose 1.3% month on month in October, the oil ministry said Nov. 1, amid a higher OPEC+ quota.

Federal exports rose to 3.119 million b/d in October from 3.080 million b/d in September, oil ministry figures showed.

Iraq's OPEC+ quota in October was 4.149 million b/d, up from 4.105 million b/d in September. The quota will rise to 4.193 million b/d in November.

Central and southern exports rose 1.3% on the month to 3.012 million b/d in October, while Kirkuk oil exports through the Turkish port of Ceyhan fell 0.3% to 97,158 b/d over the same period. Oil trucked to Jordan increased 9% to 9,992 b/d.

Iraq raked in $7.68 billion in October from selling its oil at an average price of $79.376/b, compared with $6.77 billion at an average price of $73.328/b in September.

Higher baseline

Iraq struggled in the beginning of 2021 and for most of 2020 to adhere to its quota amid the COVID-19 pandemic, the oil price rout, and the financial crisis gripping the country.

OPEC and its allies have been gradually lifting production quotas this year in anticipation of higher global oil demand as the world continues to emerge from the pandemic.

OPEC+ clinched an agreement July 18 to raise its crude oil production between August and December, while also allocating five members more generous output quotas starting May 2022.

Iraq was one of the five countries that negotiated a higher baseline for its quota, which will rise from 4.653 million b/d through April 2022 to 4.803 million b/d May 2022 onwards.

The deal also extends the OPEC+ supply management pact to the end of 2022, from its previous expiry of April 2022.

The next OPEC+ meeting is scheduled for Nov. 4.

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