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Iraq exports from southern oilfields hit record 3.535 MMbpd in Dec

January 12/2018

MOSCOW (MRC) -- Oil exports from Iraq's southern Basra ports rose to a record high of 3.535 MMbpd in December 2017 from 3.5 MMbpd the previous month, two oil officials said Reuters.

Southern exports are on the rise as Iraq seeks to offset the halting of shipments from its Kirkuk oilfields in the north in mid-October after Iraqi forces took back control of fields from Kurdish fighters.

The bulk of Iraq's oil is exported via the southern terminals.

The December figure for southern exports beat the previous record of 3.51 MMbpd set in December 2016, the last month before an output cut agreement led by the Organization of the Petroleum Exporting Countries took effect.

Rising output from small oilfields developed by the state-run Basra Oil Company helped push up December exports, an oil official told Reuters.

The increase last month, though, has not completely offset the halt of shipments from the north.

"Our plan is to keep boosting exports from the southern oilfields to make up for the lost Kirkuk shipments," said another oil official with the state-run Basra Oil Company.

Iraq is OPECs second-largest producer after Saudi Arabia with an output capacity of 4.8 MMbpd which Baghdad aims to increase to 5 MMbpd.
Author:Margaret Volkova
Tags:crude and gaz condensate, Iraq.
Category:General News
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