Iraq’s November Oil Output Surges After Price Spike

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Iraq IEA-Iraq Energy Report
Nabil al-Jurani/AP
  • Crude exports jump by around 250,000 b/d after Basrah loading problems were resolved, easing fears about capacity limitations.
  • Somo issued no January prices for Basrah Light after indicating it would reserve the grade for Iraq’s refineries.
  • A new water injection facility boosts output at the giant Rumaila field, where operator BP is aiming for a lower, more realistic plateau target.

Iraq’s oil production surged in November to 4.24 million barrels per day, according to Energy Intelligence estimates, amid signs of renewed upstream activity driven by a rise in oil prices. Under the Opec-plus agreement, Baghdad overproduced for the month and earned a 90% compliance rate.

Opec-Plus Supply , Oil Supply, Oil Demand
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