SOMO issues an explanation regarding Iraq and Kurdistan's oil production

Shafaq News / SOMO issued, on Wednesday, a clarification regarding the quantities of Iraqi oil exports for January.

The statement said, "Media agencies published on 2/2/2021 reports that Iraq's production rate reached 3870 thousand barrels/day in January […] in this regard we would like to note the following:

1- Iraq's production ceiling set for the first quarter of 2021 (January - February - March) is (3857) thousand barrels/day.

2- Based on the achieved export rates for January of 2868 thousand barrels/day for the federal government and 397 thousand barrels/day for the Kurdistan Region, the total Iraqi exports for January is 3265 thousand barrels/day.

3- The internal consumption of the federal government, according to the plan, is 520 thousand barrels a day. According to Deloitte's latest report, the Kurdistan region's internal consumption is 22 thousand barrels a day. The total consumption of Iraq reached 542 thousand barrels/day.

4- Based on paragraphs 2 and 3, Iraq's total production for January is 3807 thousand barrels/day.

5- Iraq's commitment rate for January is 106%.

6- Iraq has implemented approximately 50 thousand barrels/day of the total compensatory quantity amounting to 626 thousand barrels/day. Thus, the remainder for compensation during February and March is 576 thousand barrels per day. The data that will be approved to issue the compensation plan for the coming period will be based on the final reports of secondary source institutions.