Iraq Crude Exports Hit Record

Oil exports from Iraq’s southern Basra ports rose to a record high of 3.53 million barrels per day in December from 3.5 million bpd in the previous month, two oil officials said on Monday. Southern exports are on the rise, as Iraq seeks to offset the halting of shipments from its Kirkuk oilfields in the north in mid-October after Iraqi forces took back control of fields from Kurdish fighters, Reuters reported. The bulk of Iraq’s oil is exported via the southern terminals. The current figure for southern exports beats the previous record of 3.51 million bpd set in December 2016, the last month before an output cut agreement led by OPEC took effect. Rising output from small oilfields developed by the state-run Basra Oil Company helped push up December exports, an oil official told Reuters. The increase last month though has not completely offset the halt of shipments from the north.