December oil production up 4.7% in Iraq

Economy 09:30 PM - 2021-01-07

Credit: Iraq Oil Report

Iraq's December oil production, including from the semi-autonomous Kurdistan region, rose 4.7% month on month to 3.857 million b/d, to be above the country's OPEC+ quota, data from the State Oil Marketing Organization showed Jan. 7.

 

Production from the federal government rose 4.2% to 3.366 million b/d in December, while output from Kurdistan increased 7.7% to 491,000 b/d, SOMO data showed.

 

Iraq struggled for most of 2020 to comply with its OPEC+ quota amid the low oil price environment, the pandemic and a financial crisis gripping the country. Iraq's lax compliance, among the worst in OPEC+ in 2020, has complicated the coalition's efforts to balance an oil market suffering from anemic demand outlook.

 

Iraq's new quota for January is a tad higher at 3.857 million b/d, giving it some relief.

 

Federal oil exports rose 5% to 2.846 million b/d in December, while Kurdish export increased 8.2% to 461,000 b/d, according to SOMO data.

 

Crude domestic use in federal Iraq was unchanged at 520,000 b/d and in Kurdistan it remained steady at 30,000 b/d.

 

 

 

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