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Iraq Jan Oil Output Fell Below OPEC+ Target

OIL

Iraq’s crude output fell by around 100kbpd in January to 4.29mbpd because of weather-related loadings at the Basrah refinery and turnarounds according to Energy Intelligence estimates.

  • This is the lowest output in ten months and below the country’s OPEC production target.
  • “Seven days of bad weather made it very difficult for the mooring and departure of the vessels, and very bad for the pumping. So sometimes we fully stopped the pumping and loading in January,” said a senior official at Somo.
  • Iraqi production is expected to remain curtailed in February given further Basrah loading disruptions at the start of the month and planned maintenance at the Lukoil-operated West Quran-2 oil field. The latter was expected to take 400,000 b/d offline for ten days starting 20 Feb.
Energy BulletsCommodities
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