Oil exports from southern Iraq have hit 3.5 million bpd since the beginning of February, oil sources said Thursday.
The two oil sources said that “the export of crude oil from the ports of southern Iraq has reached 3.5 million barrels per day since the beginning of February,” noting that “exports of Iraqi crude from the southern ports on the Gulf amounted to 3.490 million barrels per day in January.”
“Average production in January approached the record level of 3.535 million barrels per day recorded in December,” data showed.
“Iraq’s total exports will rise as the Kurdistan region of Iraq also exports about 200,000 barrels per day via a pipeline to the Turkish port of Ceyhan on the Mediterranean and with 4.36 million bpd in January, Iraq is the second largest Producer in the Organization of the Petroleum Exporting Countries (OPEC) after Saudi Arabia. ”
“Iraq is producing quantities below the maximum production capacity of about five million barrels per day in implementation of the agreement between OPEC and other exporters of oil, including Russia to curb global production in order to support crude prices.”
“Iraq’s exports may rise further in February, as Iraq plans to start exporting from the Kirkuk oil field in the north of the country to Iran using trucks. The plan to transport crude by truck to Iran’s Kermanshah refinery comes under a swap agreement announced by countries in December to allow exports to resume Crude from Kirkuk “.
It is noteworthy that Iraq and Iran agreed to exchange up to 60 thousand barrels per day of crude produced from Kirkuk with Iranian oil delivered in southern Iraq.