The stability of Iraqi oil exports and the decline in its imports during the past month

 
01/03/2022

Economy News _ Baghdad

Iraqi crude oil exports stabilized for the month of last December, despite the increase in the production share of OPEC +, while its financial imports declined.

The data of the Oil Marketing Company "SOMO" showed that Iraqi exports last December, with the exception of flows from the Kurdistan Region, rose slightly by 0.12 percent, reaching 3.277 million barrels per day, compared to 3.273 million barrels per day in November.

Iraq's production quota under the supply agreement between OPEC and its allies increased to 4.237 million barrels per day in December from 4.193 million barrels per day in November as members of the 23-member alliance continued to ease production restrictions by 400,000 barrels per day per month.

In January, Iraq's share will be 4.281 million barrels per day.

Exports from central and southern Iraq fell 0.47 percent to 3.180 million barrels per day, while Kirkuk crude exports through the Turkish port of Ceyhan rose 27.94 percent to 87 thousand barrels per day from 68 thousand barrels in November.

Iraq's revenues from oil sales in December amounted to $7.037 billion, at an average price of more than $72 a barrel, compared to $7.610 billion it obtained in November by selling its oil at an average price of $77,510 a barrel.

The OPEC + alliance is likely to agree to an increase of 400,000 barrels per day in production quotas for the month of February when ministers meet again on January 4, according to what a number of analysts and energy experts see.

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