Iraq's Southern Oil Exports Close to 3.6 Mln Bpd

Monday, September 24, 2018

Iraq, the second-largest OPEC producer, is exporting close to 3.6 million barrels per day (bpd) of crude from its southern oilfields, as OPEC and others ramp up output to replace supply shortfalls from Iran and Venezuela, an Iraqi oil official said.

"We are a little less than 3.6 million bpd ... but we can (reach that level)," Ali Nazar Faeq Al-Shatari, Deputy Director of General State Oil Marketing (SOMO) told Reuters.

Iraq's September exports from its southern oil fields are on track to be the highest on record, two industry sources said last week, surpassing the 3.58 million bpd exported in August.

"The increase won't be dramatic. It would be just a slight increase, just to satisfy the market needs. Everybody is waiting what will happen after the U.S. sanctions. We are not opportunists and we are not going to take market share from Iran," said Shatari.

Exports from Iran have fallen as the United States will re-impose sanctions on Iran's oil sector from November to force Tehran to negotiate a nuclear treaty.

To counter falling supply from Iran, the Organization of the Petroleum Exporting Countries (OPEC) and other producers are considering raising output by 500,000 bpd.

Iraq also plans to produce 20,000 tonnes per day of liquefied petroleum gas (LPG) and 15,000 barrels per day of condensate in 2020, Shatari said at the Asia Pacific Petroleum Conference (APPEC).


(Reporting by Seng Li Peng and Koustav Samanta; Editing by Tom Hogue)

Categories: Energy Tankers Middle East

Related Stories

CDWE Wraps Up Pin Pile Installation Job for Taiwanese Offshore Wind Farm

BP Expands Oil and Gas Scope in Azerbaijan with New Projects and Exploration Rights

Fugro Lands Deepwater Gas Field Job in Southeast Asia

OMV Exits Ghasha Gas Project off UAE with Lukoil Stake Sale

China's Sinopec Laucnhes $690M Hydrogen Venture Capital Funds

Valeura Concludes Eight-Well Drilling Campaign in Gulf of Thailand

Velesto’s Jack-Up Rig Up for Drilling Job Offshore Vietnam

Indonesia Grants Approval to Kuwaiti Firm for Anambas Block in Natuna Sea

China's ENN, Zhenhua Oil Ink LNG Supply Deals with ADNOC

ADNOC Signs 15-Year LNG Supply Deal with Osaka Gas for Ruwais Project

Current News

CDWE Wraps Up Pin Pile Installation Job for Taiwanese Offshore Wind Farm

BP Expands Oil and Gas Scope in Azerbaijan with New Projects and Exploration Rights

Azeri SOCAR Plans New Agreements with Oil and Gas Majors

TPAO, SOCAR and BP to Ink Caspian Sea Oil and Gas Production Deal

Fugro Lands Deepwater Gas Field Job in Southeast Asia

OMV Exits Ghasha Gas Project off UAE with Lukoil Stake Sale

China's Sinopec Laucnhes $690M Hydrogen Venture Capital Funds

CIP, ACEN Partner Up for First Large-Scale Offshore Wind Farm in Philippines

Valeura Concludes Eight-Well Drilling Campaign in Gulf of Thailand

Three Dead in Chevron's Angolan Oil Patform Fire

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com