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Iraq September Production Falls Well Short of Quota

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  • Export constraints continue to hold back Iraq’s production, with delays to the commissioning of a new refinery also preventing Baghdad from hiking domestic supplies.
  • Total September crude exports dipped, with a fall in Basrah shipments mostly offset by a rise in Kirkuk and Kurdish volumes.
  • Basrah flows to India rebounded after falling sharply, but the looming EU embargo threatens to push more cheap Russian crude east, intensifying competition.

Iraq’s crude production fell 220,000 barrels per day short of its Opec-plus quota in September, according to Energy Intelligence estimates, with its aging export infrastructure preventing the country from getting anywhere near its target of 4.663 million b/d.

Topics:
Oil Supply, Oil Demand, Opec-Plus Supply , Conventional Oil and Gas
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