View Full Version : Oil Exports Hit Record Before OPEC Cuts

01-10-2017, 05:22 PM

Iraq’s Southern Oil Exports Hit Record Before OPEC Cuts

Iraq’s oil exports from its southern ports in the Gulf reached a record high in December, just before the country was due to join other major producers in cutting output to help curb a global oversupply.

Shipments from southern ports in Basra Province averaged 3.51 million barrels a day in December, Oil Minister Jabbar Al-Luaibi said in an e-mailed statement, up from 3.407 million in November. He didn’t disclose figures for exports through Iraq’s northern pipeline network, which typically average about 600,000 barrels a day.

“Achieving this record average will not affect Iraq’s decision to cut output from the beginning of 2017,” Al-Luaibi said. “Iraq is committed to achieving producers’ joint goals to control the oil glut in world markets.”

Click here for full story (https://www.bloomberg.com/news/articles/2017-01-09/iraq-s-southern-oil-exports-hit-record-before-opec-output-cuts)