Iraq's crude output rose to 18-month high of 4.21 milion bpd in Nov, SOMO says

Economy Iraq's crude

2021-12-11T12:48:54+00:00

Shafaq News/ Iraqi crude oil production, including flows from the semi-autonomous Kurdistan region, rose to an 18-month high of 4.208 million barrels per day (bpd) in November, the State Oil Marketing Organization said in a statement on December 9.

The figure was an increase of 138,000 bpd from October, and was slightly above its agreed OPEC+ quota for November of 4.192 million bpd.

Federal exports jumped to 3.273 million bpd in November from 3.119 million bpd in October, while Kurdistan Regional Government flows were unchanged on the month at 408,000 bpd, the data showed.

Domestic use, which includes crude burn and refinery runs, averaged 518,000 bpd, a fall of 5,000 bpd from October.

Meanwhile, stocks at the end of November saw a build of 9,000 bpd, compared with a 20,000 bpd build in October.

Estimates from independent agencies have pegged Iraq’s November production slightly higher than the official figure.

According to the latest S&P Global Platts OPEC survey, Iraq boosted production by 80,000 bpd in November to an average of 4.25 million bpd.

Federal Iraqi crude oil exports rose sharply amid strong demand from its key customers along with maintenance at a handful of its refineries, according to survey panelists.

Iraq’s OPEC+ quota rose to 4.193 million bpd last month, from 4.149 million bpd in October, as the coalition continued to raise production caps.

Iraq struggled to adhere to its quota at the beginning of 2021 and for most of 2020 amid the COVID-19 pandemic, the oil price rout, and the financial crisis gripping the country.

However, compliance has improved in the past few months as its quota has risen.

OPEC and its allies have been gradually lifting production quotas this year in anticipation of higher global oil demand as the world continues to emerge from the pandemic.

Iraq has been set a January output quota of 4.281 million bpd under the OPEC+ deal, up from 4.193 million bpd in November and 4.237 million bpd in December.