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View Full Version : Iraq's February oil output rises marginally to 2.963 million b/d



JWing
03-27-2013, 05:03 PM
Amman (Platts)--27Mar2013/902 am EDT/1302 GMT


Iraqi oil production rose slightly in February to 2.963 million b/d, up by 43,000 b/d over the previous month, but remained stubbornly below the 3 million b/d mark for the third month running, figures obtained from the oil ministry showed Wednesday.

As reported previously from sources at the State Oil Marketing Organization, oil exports in February recovered from a November slump. The official figures, obtained by Platts from ministry sources, showed that Iraq exported 2.536 million b/d last month, 177,000 b/d above January exports of 2.359 million b/d, and only 78,000 b/d below the September-November average of 2.614 million b/d, when it registered the highest export rates since the early months of 1990 before Iraq's invasion of Kuwait.

But oil production increases have lost momentum in recent months, partly due to infrastructure constraints in the south, where major oil fields being developed by international consortiums will account for 75% of Iraq's targeted capacity increase to the end of the decade.

Total oil production in February is still 272,000 b/d lower than the post-1990 record of 3.235 million b/d achieved only five months ago.

Southern production in February rose by 45,000 b/d on the month to 2.281 million b/d. Production from northern fields fell by 2,000 b/d in February to 682,000 b/d.

There was no contribution in the north from the Kurdistan Regional Government, which suspended oil exports in mid-December as a result of a continuing row with the central government over oil payments. The Kurdish province had supplied 152,000 b/d in November, the highest volumes exported from the semi-autonomous province through the federal pipeline to date.

Internal supply rates to local refineries and power stations in February totaled 598,000 b/d, compared with 675,000 b/d in January with the 77,000 b/d decline in domestic supply helping to boost export rates.

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