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Iraq Narrows Supply Shortfall, Eyes European Demand

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  • Growing volumes of Basrah crude displaced in India by Russian barrels are heading to Europe.
  • Iraq’s new government is pushing for a bigger Opec-plus production quota, even as October output fell far short of target.
  • Infrastructure limitations have capped Basrah exports at 3.3 million b/d, but this could rise next year by up to 250,000 b/d.

Iraq’s oil output in October hit a 2½-year high of around 4.5 million barrels per day, according to Energy Intelligence's estimates, but this was still 150,000 b/d short of its Opec-plus crude production target as export bottlenecks continue to frustrate plans.

Topics:
Opec-Plus Supply , Crude Oil, Oil Supply, Oil Trade
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