Iraq’s crude exports fall in December

Oil

Iraq’s crude oil exports fell by 50K b/d m-o-m to 3.65M b/d in December, declining after previously reaching a 19-month high in November, Energy Intelligence reports. Shipments from the southern port of Basrah decreased by 90K b/d m-o-m to 3.19M b/d, pressured by weather led delays which slowed the pace of loadings. Exports of Kurdish and Kirkuk crude via the Turkish port of Ceyhan increased by 35K b/d m-o-m to 460K b/d however. Iraq was around 107% compliant with its OPEC+ crude oil output target for the month, after production fell by 33K b/d m-o-m to 4.21M b/d.