AlwaysFree: Iraq’s June Crude Exports Down, Still Beyond OPEC+ Quota

In June, Iraq’s oil exports including from the Kurdistan region went down, showing that the country has made progress on complying with OPEC+ oil output cut albeit still beyond its quota.

Last month, output went down by 497,000 bpd from May’s level to 3.083 million bpd. It was also the lowest reading since October 2015.

Data derived from oil ministry data and shipping reports from the Turkish port of Ceyhan showed that last month, the federally controlled crude exports reached 2.816 million bpd while the crude exported by the Kurdistan Regional Government via Ceyhan was at 267,000 bpd. 

The readings were down from 3.212 million bpd and 368,000 bpd, respectively, in May.

Iraq’s quota under OPEC+ oil output cut pact is 3.592 million bpd.

Data from an independent analyst showed domestic consumption, including refinery operations and power generation, was at about 580,000 bpd. 

This number, combined with the export level in June and assuming that there were no changes in stockpiles, making a total figure of 3.663 million bpd. The total is still 71,000 bpd above its OPEC+ quota.

Starting July and through September, Iraq is committed to additional oil output cuts to make up for its low compliance levels in the previous months.

Tags: AlwaysFree,Crude Oil,English,Iraq,Middle East