Home / Commodities / Freight News / Iraq data: Federal oil exports in April nearly steady at 2.947 mil b/d: ministry

Iraq data: Federal oil exports in April nearly steady at 2.947 mil b/d: ministry

Iraq’s federal oil exports, excluding those from the semi-autonomous Kurdish region, were little changed in April, the oil ministry said, signaling that OPEC’s second-biggest producer was still struggling to adhere to its OPEC+ quota.

Exports were 2.947 million b/d in April compared with 2.945 million b/d in March, the ministry said in a statement.

Southern exports were 2.851 million b/d in April compared with 2.846 million b/d in March while Kirkuk oil exports from the Turkish port of Ceyhan fell 3.7% to 95,447 b/d. Exports of the heavy Qayara oil from the southern port of Khor Al-Zubair and oil trucked to Jordan remained suspended in April.

Iraq breached its quota in March for the second month in a row, pumping 3.865 million b/d compared with 3.868 million b/d in February, State Oil Marketing Organization said April 7. Production was above the country’s 3.857 million b/d OPEC+ quota, which is valid through April.

Iraq’s quota will rise to 3.905 million b/d in May, according to the new OPEC+ agreement.

Iraq struggled for most of 2020 to comply with its OPEC+ quota amid the low oil price environment, the pandemic and a financial crisis gripping the country. Iraq’s lax compliance, among the worst in OPEC+ in 2020, has complicated the coalition’s efforts to balance an oil market suffering from an anemic demand outlook.

Iraq sold its oil in April at an average price of $62.505/b to rake in $5.52 billion, compared with an average price of $63.329/b and $5.78 billion in revenue in March, the ministry said.
Source: Platts

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