Iraq’s Oil Exports to Stay Steady This Month, Rise in February
(Bloomberg) -- Iraq said its oil exports would stay steady this month and rise slightly in February.
Crude shipments will probably average 3.2 million barrels a day in January from fields controlled by the central government, Ali Nizar, deputy director-general of state marketing company Somo, told reporters on Sunday in Baghdad. The figure will rise to 3.3 million next month, he said.
Those numbers exclude exports from the semi-autonomous northern region of Kurdistan, whose government exports about 340,000 barrels a day.
Baghdad and Kurdish officials have said a temporary shutdown last week of a pipeline carrying Iraqi crude to the Turkish port of Ceyhan would have no impact on the country’s exports.
Refiners Hurting
Iraq is carefully watching oil markets and the increase in prices in recent weeks is starting to hurt refiners that buy Iraqi oil, Nizar said. OPEC+ will continue working to balance the oil market, he said.
The 23-nation group, of which Iraq is the biggest producer after Saudi Arabia and Russia, is raising output after carrying out deep cuts in 2020 soon after the coronavirus pandemic started. It’s meant to be easing those curbs by 400,000 barrels per day each month, though many members are experiencing production problems, causing the group to undershoot its targets.
That’s contributed to crude’s roughly 13% rise this year to more than $85 a barrel. An increasing number of analysts say oil could reach $100 a barrel this year, potentially worsening the rise in global inflation and hindering the economic recovery from the pandemic.
More stories like this are available on bloomberg.com
©2022 Bloomberg L.P.
KEEPING THE ENERGY INDUSTRY CONNECTED
Subscribe to our newsletter and get the best of Energy Connects directly to your inbox each week.
By subscribing, you agree to the processing of your personal data by dmg events as described in the Privacy Policy.
More oil news

Trump to Create White House Council to Drive Energy Dominance

Oil Steadies as Trump’s Reciprocal Tariffs Add to Trade Tensions

Isuzu to Build Car Plant in South Carolina as Trump Tariffs Loom

SoftBank Weighs Debt-Heavy Financing in $500 Billion AI Push

Stocks Climb as Traders Brush Aside Tariff Threats: Markets Wrap

Moove Works to Control Fire Within Complex in Rio de Janeiro

Stocks Slide as Tariff Angst Adds to Price Worries: Markets Wrap

China’s Oil Teapots Cut Runs to Pandemic Levels After Sanctions

China Refiners Set to Resell US Oil Cargoes After Tariff Blitz
