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FINANCIAL NEWS
Iraq’s exports from oil fall due to OPEC cut
18 Mar 2017
(MENAFN) An industry source showed that in March, Oil exports from Iraq’s southern terminals have edged lower so far, although not as much as expected, potentially raising questions over the country’s compliance with OPEC production cuts.
Additionally, March loading program had pointed to southern exports from OPEC’s second-largest producer falling to 3 million barrels per day (bpd), which a source familiar with the matter said was related to Iraqi efforts to comply with OPEC cuts.
On the other hand, exports from southern Iraq – the outlet for most of the country’s crude – in the first 14 days of March have averaged 3.25 million bpd, according to shipping data tracked by Reuters and by an industry source.
Two Iraqi oil officials said the rate in the first half of March was 3.20 million bpd. Whichever is used, exports remain closer to February’s 3.27 million bpd than to the rate implied by the March loading program.
MENAFN1803201700450000ID1095322116
MENAFN1803201700450000ID1095322116
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