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Iraq's crude exports slip m-o-m

Oil

Iraqi crude oil exports in September edged lower to 3.05M b/d, down from 3.08M b/d in August, data from the country's Ministry of Oil shows. The majority of the exports came from the country's southern port of Basrah, with volumes averaging 3.03M b/d, up marginally m-o-m. In Northern Iraq, crude exports from Kirkuk were only 22K b/d with the Kurdistan regional Government having cut its allocation to Iraq's state-oil firm SOMO in a continuing dispute over export rights and budget payments. Iraq's southern oil exports are expected to only rise to a around 3.25M b/d in 2016, according to the head of state-owned South Oil Company, as the country struggles to boost production in a lower price environment, Reuters reports.