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Iraq Crude Exports Rise MoM in February

OIL

Iraqi crude oil exports stood at 3.434mbpd in February, up from 3.338mbpd in January according to the oil ministry.

  • Iraq pledged on Sunday to extend the voluntary oil output cut of 220kbpd until the end of June, leavings OPEC+ quota steady at 4mbpd.
  • Crude oil exports from Iraq’s northern fields via a pipeline to Turkey remain halted since end-March 2023.
  • The White House has issued an invitation to Iraqi Prime Minister Mohammed Shia' al-Sudani, and an association of oil producers working in the Kurdistan Region is hoping Americans can use that visit to pressure Baghdad into resuming oil exports.
  • APIKUR spokesperson Myles Caggins said he believe the visit will happen in late-April, after Ramadan. He added that the Iraqi prime minister needs to put in place a budget for the KRG to restore oil production and exports before the visit.
  • Iraqi Foreign Minister Fuad Hussein said earlier Saturday that Iraq may amend its federal budget to pay recovery and transit fees to international oil companies to restart oil flows via Turkey. The AKIPUR spokesperson denied having seen any proposals according to Bloomberg.
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