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Iraq's Oil Exports Facings Sustained Weakness

OIL

Iraq’s nationwide oil sales fell sharply in March to 3.534mn bpd according to the Iraqi Oil Report – down from 3.738mn bpd in February as the shutdown of the pipeline through Turkey knocked out nearly half a million barrels per day of exports in the final week of the month.

  • Northern exports remain offline. The extension of the shutdown into the start of April is likely to be reflected in lower export volumes this month.
  • Flows from Iraq in May are also expected to be weaker because of the country’s commitments to reduce output as part of voluntary OPEC+ cuts.
Energy BulletsCommodities
Energy BulletsCommodities

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