Iraq’s southern oil exports 3.565 mln bpd so far in February

Published: Updated:

Crude oil exports from Iraq’s southern ports on the Gulf stand at around 3.565 million barrels per day (bpd) so far in February, two oil executives told Reuters on Monday.

Exports from Iraq’s southern Basra ports fell to 3.556 million bpd in January, down from a record high of 3.63 million bpd in December.

Shipments from the southern terminals are expected to stay at around 3.55 million bpd this month, in accordance with an OPEC agreement supply pact, two oil officials said.

Iraq started rehabilitation work at one of the giant Rumaila oilfield’s output facilities on February 17 to improve crude processing operations, three oil officials with knowledge of Rumaila operations said.

The Rumaila oilfield, developed by Britain’s BP and Chinese partner CNPC, now produces around 1.5 million bpd, said the officials.

Operations at the output unit, which was producing around 130,000 bpd, are expected to resume on Wednesday and production from the field has not been affected, two officials working in Rumaila said.

The field, which has estimated reserves of about 17 billion barrels, produces the bulk of Iraq’s output.

Iraq is the second-largest producer in the Organization of the Petroleum Exporting Countries after Saudi Arabia.

Iraq is producing below its maximum capacity of nearly 5 million bpd in line an agreement between OPEC and other producers such as Russia to curtail global supply in order to support prices.