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Basrah Exports Fall, But Iraq Eyes Capacity Fix

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  • Iraq’s oil production fell in November by more than 100,000 barrels per day to 4.37 million b/d.

  • Russia supplanted Iraq as India’s top supplier in November as the EU ban pushes more Russian Urals to Asia.

  • Shipments of Basrah and Kurdish crude both edged down for the month, while Baghdad is hoping to hike its export capacity in the second half of 2023.

Despite Iraq’s Opec-plus production target being slashed by 220,000 b/d last month to 4.43 million b/d, in line with the group’s 2 million b/d cut, the Opec laggard still fell short by around 60,000 b/d, with exports of Basrah crude slipping below the year-to-date average.

Topics:
Oil Supply, Oil Pipelines, Oil Demand, Opec-Plus Supply , Crude Oil
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