IRAQ DATA: Federal oil exports edge up 3.5% in Feb amid higher OPEC+ quota

Shafaq News / Iraq's federal crude exports, excluding flows from the semi-autonomous Kurdistan region, rose 3.5% in February from a month earlier, the oil ministry said March 1, amid a higher OPEC+ quota.

Federal oil exports reached 3.314 million b/d in February, the ministry data showed, from 3.202 million b/d in January.

Iraq's OPEC+ quota in February was 4.325 million b/d, up from 4.281 million b/d in January.

OPEC's second-biggest producer has a quota of 4.370 million b/d for March.

Some 480,000 b/d of Iraqi crude production, roughly 11%, is offline, due to maintenance at the West Qurna 2 oil field and protests in Dhi Qar, exacerbating a tightening global market and rising prices already stoked by the escalating Ukraine crisis.

The 400,000 b/d West Qurna 2 oil field will be shut through March 21 for maintenance, an official from Iraq's State Oil Marketing Organization previously told S&P Global Commodity Insights. The month-long maintenance began Feb. 21.

Elsewhere, civil unrest has shut in 80,000 b/d of production from the Nassiriya oil field, state-owned Dhi Qar Oil Co. said Feb. 24.

Modest increases

OPEC+ ministers are due to meet virtually on March 2 to discuss April production quotas.

OPEC and its partners are expected to stick with their planned modest production increases each month, according to delegates, despite Russia's invasion of Ukraine sending Brent crude oil futures soaring above $100/b.

OPEC and 10 Russia-led allies, under their Declaration of Cooperation, have been gradually restoring crude production in monthly 400,000 b/d increments from the historic cuts made during the depths of the pandemic.

Central and southern oil exports increased by 5% to 3.261 million b/d, while exports of Kirkuk crude through the Turkish port of Ceyhan fell 36% to 52,691 b/d.

Iraq raked in $8.54 billion in February by selling its oil at an average price of $92.083/b, compared with $8.32 billion revenue by selling its oil at $83,825/b in January.

Source: S&P Global