Oil exports from Iraq’s southern ports hit new record

02 January 2018
December saw 3.535 million barrels a day exported

Oil exports from Iraq’s southern Basra ports rose to a new record in December as the OPEC member attempted to offset reduced exports from the north of the country.

An average of 3.535 million barrels a day were exported during the month according to a Reuters report that cited two anonymous officials.

Exports from the north have been disrupted due to a dispute between Baghdad and the Kurdistan Regional Government over a range of issues, including control of the oil-rich Kirkuk region.

Iraqi forces took back control of fields from Kurdish fighters in mid-October after the KRG held an independence referendum.

Iraq is OPEC’s second-biggest producer after Saudi Arabia.

Last month Iraq’s oil ministry announced that November 2017 was its best month for oil revenues since October 2014, thanks to higher oil prices and increased exports from the country’s southern terminals.

During November federal Iraq exported more than 105 million barrels and received revenues of more than $6bn.

 Iraq’s revenues for December are likely to beat November’s total thanks to higher global crude prices and increased exports from the southern ports.

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.