IMG.gif

Loading, Refinery Problems Boost Iraqi July Compliance

Copyright © 2021 Energy Intelligence Group

• Iraq’s compliance with its Opec-plus quota commitment rose to an eight-month high in July. • Yet the 116% compliance rate in July was largely inadvertent as loading issues and storage bottlenecks conspired to frustrate efforts to open the supply faucet. • Nevertheless, output was up, albeit modestly, and this combined with higher prices pushed Iraqi oil revenues to a 20-month high of $6.51 billion. Federal Iraqi crude exports rose by almost 70,000 barrels per day to hit 2.996 million b/d in July, according to Energy Intelligence data. Iraqi state marketer Somo had been targeting exports of 3.05 million b/d, while Baghdad’s own figures put federal exports at just 2.918 million b/d. “It is very disappointing. We couldn’t achieve our target. We have lost around 130,000 b/d [from the target],” a senior Iraqi oil official told Energy Intelligence. Iraq's July 2021 Production ('000 b/d) Vol. Basrah exports 2,899 Domestic refining 480 Direct crude burn 60 Less spiked condensate, fuel oil -70 KRG output 385 Less KRG condensate -20 Smuggling 40 Exported from Kirkuk via Turkey† 97 Exported from Kirkuk to Jordan* 0 Exported Qayarah crude‡ 0 Stockdraw 41 Total 3,912 *Trucked to the Zarqa refinery.

Russian producers will boost crude oil supplies to world markets in the final quarter of the year now that production is rising and domestic demand is on the wane.
Thu, Sep 16, 2021
Public pressure and high natural gas prices may not be enough to solve the methane waste problem plaguing the Permian Basin.
Fri, Sep 17, 2021
Most Read
BP has agreed to work with Abu Dhabi's national oil company and the emirate's renewable energy company on a series of energy transition initiatives
Thu, Sep 16, 2021