Iraq's Output Flat Despite Strong Demand in Europe

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  • European refiners are seeking more Basrah crude as an alternative to Russia's Urals, but Iraq's export constraints limit this opportunity.

  • Iraqi production is set to fall in February, with 10 days of planned maintenance at Lukoil’s 400,000 b/d West Qurna-2 field.

  • Baghdad’s efforts to squeeze Kurdish exports are showing signs of success as more buyers shun the grade that was pegged at a discount of around $20/bbl to Brent.

Iraq’s crude output was flat in December at 4.39 million barrels per day, according to Energy Intelligence estimates. A rise in exports from the Kurdistan region was offset by a fall in refinery runs, while shipments from Basrah changed little.

Opec-Plus Supply , Oil Supply, Oil Demand, Oil Trade, Crude Oil, Refining
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