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Iraq Crude Exports Decline in November

OIL

Iraq’s crude exports fell by 9% in November, dropping to their lowest since October 2021 according to tanker-tracking and port-agent data from Bloomberg. Total crude exports fell to 3.5mb/d from a revised 3.87mb/d in October and 3.62mb/d in September.

  • Exports from both the Basra Oil Terminal in the south, and from the north of the country via Ceyhan showed a decline.
  • Change in exports in Nov vs Oct are:
    • India fell to 810k b/d from 912k b/d
    • China fell to 1.06m b/d from 1.2m b/d
    • South Korea fell to 225k b/d from 409k b/d
    • US increased to 290k b/d from 186k (revised)
    • About 7.8m bbl, (261k b/d) is on tankers that are yet to show a final destination
  • Iraq’s production target from OPEC+ for November is 4.431m b/d

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