Iraq Hit by Outages as Basrah Demand in Europe Surges

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  • Iraq managed to hike Basrah crude exports by 150,000 barrels per day in February, but much of the additional volume came out of storage as production rising less sharply.
  • In February, West Qurna-2 and Nassiriyah were both shut in, taking around 480,000 b/d off line.
  • Demand for Basrah crude is red hot, especially in Europe, as buyers shun rival Russian Urals. However, production constraints and term commitments mean Iraq has very little spare crude to offer.

Iraq managed to hike its crude production last month to around 4.25 million barrels per day, according to preliminary Energy Intelligence estimates, up by some 80,000 b/d on January, partly allaying fears that Opec’s second-largest producer is maxed out.

Opec/Opec-Plus, Oil Supply, Oil Demand
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