IRAQ DATA: Jan federal oil exports rise 0.8% on month, indicate slight OPEC+ quota noncompliance - S&P Global

• Author Dania Saadi
• Editor Jonathan Fox
• Commodity Oil

Highlights

Federal exports average 2.868 mil b/d in Jan

Southern oil export rise 1.1% in Jan

Iraq pumps above quota in Dec

• Author
• Dania Saadi
• Editor
• Jonathan Fox
• Commodity
• Oil

Dubai — Iraq's federal oil exports in January rose 0.8% month on month amid signs OPEC's second-largest producer continued to pump above its quota of 3.857 million b/d.

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Oil exports, excluding flows from the semi-autonomous Kurdistan region, reached 2.868 million b/d in January, from 2.846 million b/d in December, oil ministry data showed Feb. 1.

Southern oil exports rose 0.8% to 2.770 million b/d from 2.748 million b/d in December, while exports of Kirkuk oil via the Turkish port of Ceyhan increased 1.1% to 98,450 b/d from around 97,300 b/d, the ministry data showed.

Iraq, a habitual quota buster in the OPEC+ alliance, pumped 3.857 million b/d in December, a 4.7% increase from November and above its quota, data from State Oil Marketing Organization showed Jan. 7.

Production from the federal government in December rose 4.2% month on month to 3.366 million b/d, while output from Kurdistan increased 7.7% to 491,000 b/d, SOMO data showed.

Iraq struggled for most of 2020 to comply with its OPEC+ quota amid a low oil price environment, the pandemic and a financial crisis gripping the country. Iraq's lax compliance, among the worst in OPEC+ in 2020, has complicated the coalition's efforts to balance an oil market suffering from anemic demand outlook.

Iraq raked in $4.739 billion in January, from $4.235 billion in December, selling its oil at $53.294/b, from $48.013/b in December.

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IRAQ DATA: Jan federal oil exports rise 0.8% on month, indicate slight OPEC+ quota noncompliance - S&P Global
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