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Iraq's federal oil exports rise 3.3% in February

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Iraq's federal crude oil exports, which excludes the semi-autonomous Kurdish region, rose 3.3% in February from a month earlier on increased shipments from southern terminals in OPEC's second-largest oil producer, according to official data seen by S&P Global Platts.

 

Federal exports climbed to 3.415 million b/d in February, up from 3.306 million b/d in January, according to figures from State Oil Marketing Organization obtained by Platts.


The February figure is 311,000 lower than the all-time record of 3.726 million b/d in December 2018.


Exports in January fell 3.5% from a month earlier due to bad weather in the upper Persian Gulf that affected loadings.


Iraq, which for most of last year flouted its OPEC+ quota, is struggling to comply with its new production limit of 4.46 million b/d that runs from January through March.


OPEC+, led by Saudi Arabia and Russia, are in the midst of trimming global output by 1.7 million b/d to soak up excess supply in the first quarter. The alliance is also mulling shaving another 600,000 b/d from output due to a drop in oil demand in top oil importer China, where the outbreak of the deadly coronavirus has crimped economic growth.


In February, Iraq said its January production fell 70,000 b/d to 4.47 million b/d, still above its OPEC+ quota.


The latest S&P Global Platts OPEC survey also showed overproduction in January at 4.6 million b/d, breaking a four-month trend of improving compliance.

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