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Iraq oil exports fall 6.6% in May as OPEC producer sold oil at USD21/b

June 02/2020

MOSCOW (MRC) --  Iraq's oil exports, excluding those from the semi-autonomous Kurdish region, fell 6.6% in May, according to the oil ministry, indicating that OPEC's second-biggest oil producer may have struggled to cut its output by about 23% in accordance with the new OPEC+ agreement, reported S&P Global.

Iraq's oil exports in May averaged 3.212 million b/d, the ministry said in a statement on June 1. In April, exports were 3.438 million b/d.

Iraq had agreed to trim its output by 1.061 million b/d in May and June as part of a broader OPEC+ pact to cut production by a historic 9.7 million b/d during these two months. Iraq, which does not publish its production figures, has a quota of 3.59 million b/d for May and June under the new OPEC+ agreement.

The country struggled for most of last year to comply with its old OPEC+ quota. Iraq and Saudi Arabia affirmed on May 23 their commitment to the OPEC+ agreement during a visit by Iraq's acting oil minister Ali Allawi to the Gulf state.

Iraqi exports from the southern oil terminals reached 3.098 million b/d and from Turkey's Ceyhan 114,000 b/d, the ministry said.

In April, average exports from the southern terminals stood at 3.351 million b/d, from Ceyhan 76,000 b/d and to Jordan 11,000 b/d.

The OPEC producer raked in USD2.09 billion in May by selling its oil at an average price of USD21/b, compared with USD1.4 billion in April at an average of USD13.8/b.

As MRC informed previously, Iraq's oil-rig count has tumbled by almost two-thirds this year after international oil companies were ordered to cut spending because of the oil crash and OPEC's second-largest producer agreed to stringent new OPEC+ cuts.

Ethylene and propylene are feedstocks for producing polyethylene (PE) and polypropylene (PP).

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 557,060 tonnes in the first three month of 2020, up by 7% year on year. High density polyethylene (HDPE) and linear low density polyethylene (LLDPE) shipments rose because of the increased capacity utilisation at ZapSibNeftekhim. Demand for LDPE subsided. At the same time, PP shipments to the Russian market was 267,630 tonnes in January-March 2020, down 20% year on year. Homopolymer PP and PP block copolymers accounted for the main decrease in imports.
Author:Margaret Volkova
Tags:PP, PE, LLDPE, crude and gaz condensate, PP block copolymer, homopolymer PP, propylene, LDPE, HDPE, ethylene, petrochemistry, Iraq, Rossiya.
Category:General News
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