Iraq Oil Exports Steady Despite Start of OPEC Cut

Oil exports from Iraq's southern ports in the first nine days of January have held steady at December's record high, according to loading data and an industry source, despite the start of an OPEC agreement to cut production.

 

Shipments so far this month have averaged above 3.50 million barrels per day (bpd), according to the loading data tracked by Reuters and by the industry source.

 

In all of December, Iraq's southern exports reached a record high of 3.51 million bpd, Iraq's oil ministry said on Monday.

 

The Organization of the Petroleum Exporting Countries started implementing an agreement to cut production on Jan. 1. Iraq has said it will cut production by 200,000 bpd as part of the deal.

 

However, Iraq's Oil Minister Jabar Ali al-Luaibi said December's high export rate would not affect Iraq's decision to lower its production in January.


(Reporting by Alex Lawler; Editing by Ruth Pitchford)