Iraq’s April Output Plunges on Kurdish Shut-In

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  • Crude exports from northern Iraq via Turkey were halted on Mar. 25 after an arbitration ruling rejected Kurdistan’s right to sell its oil independently of Baghdad.
  • Over the previous six months, flows from northern Iraq averaged 470,000 b/d.
  • A 120,000 b/d rise in Basrah exports last month, thought to reflect incremental production at some foreign-operated fields, has offset only a fraction of the loss.
  • Most fields in Kurdistan are off line and Turkey’s inconclusive presidential election has compounded the crisis, with no resolution to the export hiatus likely before the runoff on May 28.

Iraq’s crude oil production plunged in April to around 4 million barrels per day, more than 400,000 b/d below its Opec-plus target, reflecting the first full-month shut-in of Kurdish and Kirkuk crude exports.

Opec-Plus Supply , Oil Supply, Oil Demand, Oil Pipelines, Oil Trade, Oil Spot Markets, Refining, Policy and Regulation, Resource Access
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