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Southern oil exports hit record highs in January

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 Southern oil exports hit record highs in January Empty Southern oil exports hit record highs in January

Post by claud39 on Tue Jan 22, 2019 7:14 am

http://economy-news.net/content.php?id=15162



 Southern oil exports hit record highs in January




22/01/2019





 Southern oil exports hit record highs in January 12536



Economy News _ Baghdad



Crude oil exports from southern Iraq have reached a record high since the beginning of 2019. This could raise questions about whether OPEC's second-largest producer is implementing a cut-off deal, according to data from the oil sector and a source.
Tanker data on Recanitiv Ekon and another sector-driven source showed that average oil exports from southern Iraq during the first 21 days of January were 3.6 million barrels per day. This is close to the record monthly level of 3.63 million bpd in December.
This figure indicates that there is little sign of reducing Iraq's supplies even now, despite an agreement by the Organization of the Petroleum Exporting Countries (OPEC) and its allies to cut production by 1.2 million bpd from January 1 to support the market.
"No cuts so far," the source said on Monday, speaking of the pace of Iraqi exports.
The south is the main port for the export of Iraqi crude. On January 11, the director of Iraq's Basra Oil Company gave figures for January exports similar to those indicated by tanker and exporter data.
Iraq, which is boosting its oil export capacity, was reluctant to take part in OPEC's previous supply reduction agreement, which came into effect in 2017, and in some cases the Organization's least members were committed to the initiative.
The OPEC-led agreement applies to production rather than exports. Iraq may have reduced production, kept exports by withdrawing from crude stocks, or reduced supplies to domestic refineries.
However, oil traders and analysts will look at exports to assess whether the agreement results in reduced supply to the global market. To date, Iraq's exported shipments from the north have also declined significantly.
Exports from northern Iraq stabilized in January at about 400,000 bpd, according to data compiled by Reuters and the sector's exporter. This is well below the level of more than 500,000 bpd in some months of 2017.
Baghdad says it will abide by the agreement. Iraqi Oil Minister Thamir al-Ghadhban said on Jan. 4 that his country would keep production at the target level of the OPEC deal in the first half of 2019.
Under the deal, Iraq will cut output by 141,000 bpd to 4.512 million bpd from January 1.
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