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2022-02-01 14:35:00

IRAQ OIL EXPORTS DOWN

IRAQ OIL EXPORTS DOWN

PLATTS - 01 Feb 2022  - Iraq's federal oil exports, excluding flows from the semi-autonomous Kurdistan region, fell more than 2% in January from December, the oil ministry said Feb. 1, despite a higher OPEC+ quota for the month.

Federal oil exports in January dropped to 3.203 million b/d from 3.277 million b/d in December, according to the ministry figures.

Iraq's OPEC+ quota rose to 4.281 million b/d in January from 4.237 million b/d in December as members of the 23-member coalition continued to ease their production curbs by 400,000 b/d a month. The quota covers production, and not exports. The ministry did not disclose volumes of internal crude consumption nor inventory changes.

Iraq's February quota is 4.325 million b/d.

Iraq has not yet released the production figures for January.

Kirkuk disruption

OPEC+ ministers, who are convening monthly, are set to meet virtually on Feb. 2 to decide on March production levels.

Federal Iraq's central and southern exports fell 2% to 3.111 million b/d in January from a month earlier, while its exports of Kirkuk crude via the Turkish Port of Ceyhan declined 5.7% to 82,118 b/d.

Iraq's exports of Kirkuk were briefly disrupted on Jan. 18-19 after flows from the Kirkuk-Ceyhan pipeline stopped following an explosion in southern Turkey which temporarily shut the key export route.

OPEC's second largest producer raked in January $8.27 billion by selling its crude at $83.246/b, compared with $7.39 billion in exports at $72,768/b in December.

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