Southern Iraq Oil Exports Rise to 3.36 mbpd

Southern Iraq Oil Exports Rise to  3.36 mbpdSouthern Iraq Oil Exports Rise to  3.36 mbpd

Iraq exported oil from southern fields at an average rate of 3.364 million barrels per day in April, higher than the March average of 3.286 million, Oil Ministry spokesman, Asim Jihad, said. That is close to the record of 3.37 million bpd exported in November as OPEC's second-largest producer resumes the supply growth that has added to downward pressure on global prices, Reuters reported. Iraq looked set to exceed that rate, with exports in the first 24 days of April averaging 3.43 million bpd, according to an industry source and loading data. It was not immediately clear why exports appeared to drop off last week. Baghdad had given verbal support to an initiative by OPEC and outside producers to freeze output. But they failed to reach a deal at an April 17 meeting, and rising exports from Iraq as well as other nations, including Russia, underline the challenges to any further attempt at curbing supply. "The Baghdad government sold crude at average price of $33.26 per barrel, reaping $3.343 billion," Jihad said.