Iraq Narrows Supply Shortfall, Eyes European Demand

Copyright © 2023 Energy Intelligence Group All rights reserved. Unauthorized access or electronic forwarding, even for internal use, is prohibited.
  • 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.

Opec-Plus Supply , Crude Oil, Oil Supply, Oil Trade
Wanda Ad #2 (article footer)
Saudi Arabia's energy minister has warned once again that sanctions and underinvestment may lead to a global energy supply crunch.
Mon, Feb 6, 2023
Iraq is one of the Mideast producers benefiting most from surging European demand for non-Russian crude.
Thu, Feb 2, 2023