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Iraqi oil output unchanged in April as exports rise Dubai

Iraq’s crude oil production was unchanged in April, at 4.5 million b/d, even as exports rose, the country’s State Oil Marketing Organization said Wednesday.

Exports climbed to 3.858 million b/d from 3.84 million b/d in March. The figures include the Kurdish region in northern Iraq.

This is the second month in a row that Iraqi oil output has been below the 4.512 million b/d cap it agreed to as part of output cuts by OPEC and other producers. Iraq pledged to reduce 140,000 b/d from its October output baseline under the OPEC-led deal to remove 1.2 million b/d of production through June 2019 in a bid to support oil prices.

KURDISH EXPORTS

The oil ministry said last week that federal crude oil exports were 3.46 million b/d in April. Including SOMO data, that suggests the Kurdish region shipped 398,000 b/d for April compared with 463,000 b/d in March. Kurdish region figures can vary from source to source, with Ceyhan terminal status reports viewed by Platts showing that the region exported 430,000 b/d in April.

Analysts and independent estimates have put Iraqi production and exports at higher levels than those reported by the ministry.

Platts calculations based on ministry data and terminal data put Iraqi exports 2% higher in April over March, averaging at 3.90 million b/d.

The ministry figures signal that Iraq’s domestic consumption in April was 642,000 b/d, down 18,000 b/d from an estimated 660,000 b/d in March.

Market sources said Iraqi domestic crude consumption may have increased in April as it used more crude for power generation in April.
Source: Platts

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