Iraq’s oil exports dip in September: Ministry

Iraq’s oil exports fell to 3.576 million barrels per day (bpd) in September. (File photo: AP)

Iraq’s oil exports fell to 3.576 million barrels per day (bpd) in September, from 3.603 million bpd the previous month, the country’s oil ministry said in a statement on Tuesday.

The OPEC producer, home to over 12 percent of the world's proven oil reserves, said exports from its southern Basra terminals fell to 3.434 million bpd, from 3.468 million bpd in August.

Shipments from Iraq's northern Kirkuk oilfields to Turkey’s Ceyhan port averaged around 106,000 bpd, according to the statement.

Iraq's crude oil deliveries to Jordan stood at 7,000 barrels per day, the statement added.

The average sale price in September was $59.149 per barrel with revenue at about $6.345 billion, the ministry said. Oil prices were trading at nearly $60 a barrel on Tuesday.

Iraq’s output is below its capacity of nearly 5 million bpd as it adheres to a deal between OPEC and allies to support prices.
OPEC and allied producers led by Russia, a grouping known as OPEC+, agreed last year to cut oil supply by 1.2 million barrels per day (bpd) to support prices. The cuts came into effect on January 1.

Last month, Iraq’s oil minister Thamer Ghadhban reportedly said that the country would reduce oil production from October. 

Last Update: Wednesday, 20 May 2020 KSA 09:54 - GMT 06:54