FINANCIAL NEWS

Iraqi oil exports surge more than 300k bpd in Nov

30 Nov 2015

(MENAFN) Iraq’s southern oil exports have jumped more than 300,000 bpd so far in November, bringing shipments from OPEC’s second-largest producer back towards a monthly record.

The climb, after bad weather impacted shipments in October, is an indication of ongoing high output from top members of the Organization of the Petroleum Exporting Countries.

Exports from Iraq’s southern terminals have averaged 3.05mn bpd in the first 24 days of this month, up from 2.70mn bpd in October, based to loading data and an industry source.

Moreover, the southern fields produce most of Iraq’s oil, and this progress comes after investment by Western oil major firms in the oilfields and an easing of export bottlenecks.

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