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Iraq’s October Crude Oil Exports Rose to Highest Since March

OIL

Iraq’s crude oil exports in October rose to 3.534mbpd, up from 3.438mbpd and the highest level since March, preliminary Oil Ministry data showed, cited by the Iraqi Oil Report.

  • The federal Iraqi government has increased oil exports by over 200kbpd since the shutdown of northern exports via a pipeline to the Turkish port of Ceyhan in end March.
  • Iraq has made up for about half of the lost KRG volumes with increased production from southern fields and exports through Basra Gulf outlets, which are now operating near their maximum capacity. Southern export volumes rose to the highest since September 2019.
  • Oil exports via the ITP pipeline could resume within a month if an agreement on production costs and contracts is reached between the foreign oil companies and the government, Iraq’s Prime Minister Shia Al-Sudani said on 24 October. An agreement between both parties is still pending.
  • Turkey informed the Iraqi government on 9 October that the pipeline is ready to resume operations.
Energy BulletsCommodities
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