Iraq said yesterday it was increasing oil exports from the southern Basra region by 200,000 barrels per day to make up for a shortfall from the northern Kirkuk fields.
The output from Kirkuk fell this week when Iraqi forces took back control of oilfields from Kurdish fighters who had been there since 2014. The increase in Basra exports keeps Iraq’s total output within the quota agreed with the Organisation of the Petroleum Exporting Countries (Opec), the oil ministry said in a statement citing Oil Minister Jabar al-Luaibi.
He said 200,000 barrels per day would be shipped from Basra on top of the usual volumes exported daily of more than 3.2mn barrels.
“These additional volumes will be produced until the northern oil output goes back to its previous level,” he said.
In comments made later to reporters in Baghdad, he expected Kirkuk output to return to last week’s level “very soon”. An oil ministry official told Reuters on Thursday that Iraq would not be able to restore Kirkuk’s oil output to last week’s levels because of missing equipment at two of the largest fields of the region, Avana and Bai Hasan. Until these shutdowns, the northern oil region exported about 530,000 barrels per day, of which about half came from the semi-autonomous Kurdistan region and the rest from the disputed Kirkuk province, claimed by both the Kurds and the Iraqi central authorities.
A shipping agent monitoring crude arriving from northern Iraq to the Turkish Mediterranean export terminal of Ceyhan said flows were unchanged from Friday, at 213,000 bpd.
The crude exported from Ceyhan is carried by a pipeline across Iraqi Kurdistan and then Turkey.
Iraqi labourers work at an oil refinery in the southern town Nasiriyah. Iraq said yesterday it was increasing oil exports from the southern Basra region by 200,000 barrels per day to make up for a shortfall from the northern Kirkuk fields.
LEAVE A COMMENT Your email address will not be published. Required fields are marked*
UK court rules in favour of creditors in $700mn Dana Gas sukuk case
Canada open to Mexican proposal of five-year Nafta review: Sources
China sets new rules to regulate $15tn asset management products
Meet Dior’s new man who made Kendall Jenner walk on water
Europe and US stocks slide into the weekend
Treasuries seen to decline more than Europe bonds
Moody’s upgrades India sovereign bond ratings
Toyota to re-enter electric vehicles in China and India from 2020
Nissan CEO to return part of his pay after inspection scandal