Iraq’s crude exports reach 19-month high in November

Oil

Iraq’s crude oil exports increased by 260K b/d m-o-m and 660K b/d y-o-y to 3.7M b/d in November, the highest level since April 2020, Energy Intelligence reports. Loadings from the southern port of Basrah rose by 260K b/d m-o-m to a 19-month high of 3.28M b/d, after one of the four single-point moorings (SPM) at the port returned to service following maintenance work in October. Despite this increase, shipments from Basrah remain down by 330K b/d compared to the record levels achieved in November 2017, as a range of infrastructural limitations continue to weigh on export capacity. Loadings of Kurdish and Kirkuk crude via the Turkish port of Ceyhan also rose by 7K b/d m-o-m to 430K b/d.

Iraq was around 90% compliant with its OPEC+ crude oil production quota for the month, with output jumping by around 170K b/d m-o-m to 4.24M b/d. Production has been supported by a new water injection facility at the giant Rumaila oilfield which has reactivated output from 18 wells and increased output by around 63K b/d.