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Iraq's August oil exports fell below OPEC target
- Categories:Industry News
- Author:
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- Time of issue:2020-08-28 09:36
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(Summary description)ForeignnewsagencynewsonAugust27th,shippingdataandindustrynewsshowthatIraq’scrudeoilexportshavedecreasedsofarinAugust,indicatingthattheOrganizationofPetroleumExportingCountries(OPEC)’ssecondlargestoilproducerisfulfillingtheOPEC-ledagreementtocutmoresuppliesPromiseof. Petro-LogisticstrackingtankertransportationdatashowsthatasofAugust25,exportsfromsouthernIraqhavefallento2.63millionbarrelsperday. Thisisadecreaseof40,000barrelsperdaycomparedtothe2.67millionbarrelsperdayofficiallyannouncedinJuly. Asdemandbegantorecoverfromthenewcrownviruscrisis,OPECanditsallies(OPEC)cancelledarecordproductioncutplanfromAugust1. Afternotfullycomplyingwiththeagreementtoreduceproductioninthepreviousfewmonths,Iraqcontinuestocutproduction. Petro-LogisticsCEODanielGerbersaid:"Iraqisexpectedtoachievethemostcompliantmonthlylevelthisyear." "However,thecountrystillneedstotakealotofadditionalproductioncutstomakeupfortheoversupplyinthepreviousmonths." IraqstatedonAugust7thatitwouldreduceproductionby400,000barrelsperdayinAugustandSeptembertomakeupfortheoverproductioninthepreviousthreemonths. InpreviousOPECagreements,IraqwassometimesthememberofOPECwiththelowestcompliance. ThesouthisthemainexporterofIraq’scrudeoil.Accordingtotankerdataandindustrynews,oilexportsfromthenorthofthecountryfellslightlytoabout400,000barrelsperdayinAugust. Overall,accordingtotheaverageofallestimatessofar,Iraq’soilexportshavefallenby80,000barrelsperdayasofAugust25. AninvestigationfoundthatinJuly,Iraqhadcompleteda73%reductioninproduction.Accordingtocalculations,duetothegradualdecreaseintrade,theimplementationrateofIraq’sAugustproductioncuthasrisento106%.
Iraq's August oil exports fell below OPEC target
(Summary description)ForeignnewsagencynewsonAugust27th,shippingdataandindustrynewsshowthatIraq’scrudeoilexportshavedecreasedsofarinAugust,indicatingthattheOrganizationofPetroleumExportingCountries(OPEC)’ssecondlargestoilproducerisfulfillingtheOPEC-ledagreementtocutmoresuppliesPromiseof. Petro-LogisticstrackingtankertransportationdatashowsthatasofAugust25,exportsfromsouthernIraqhavefallento2.63millionbarrelsperday. Thisisadecreaseof40,000barrelsperdaycomparedtothe2.67millionbarrelsperdayofficiallyannouncedinJuly. Asdemandbegantorecoverfromthenewcrownviruscrisis,OPECanditsallies(OPEC)cancelledarecordproductioncutplanfromAugust1. Afternotfullycomplyingwiththeagreementtoreduceproductioninthepreviousfewmonths,Iraqcontinuestocutproduction. Petro-LogisticsCEODanielGerbersaid:"Iraqisexpectedtoachievethemostcompliantmonthlylevelthisyear." "However,thecountrystillneedstotakealotofadditionalproductioncutstomakeupfortheoversupplyinthepreviousmonths." IraqstatedonAugust7thatitwouldreduceproductionby400,000barrelsperdayinAugustandSeptembertomakeupfortheoverproductioninthepreviousthreemonths. InpreviousOPECagreements,IraqwassometimesthememberofOPECwiththelowestcompliance. ThesouthisthemainexporterofIraq’scrudeoil.Accordingtotankerdataandindustrynews,oilexportsfromthenorthofthecountryfellslightlytoabout400,000barrelsperdayinAugust. Overall,accordingtotheaverageofallestimatessofar,Iraq’soilexportshavefallenby80,000barrelsperdayasofAugust25. AninvestigationfoundthatinJuly,Iraqhadcompleteda73%reductioninproduction.Accordingtocalculations,duetothegradualdecreaseintrade,theimplementationrateofIraq’sAugustproductioncuthasrisento106%.
- Categories:Industry News
- Author:
- Origin:
- Time of issue:2020-08-28 09:36
- Views:
Foreign news agency news on August 27th, shipping data and industry news show that Iraq’s crude oil exports have decreased so far in August, indicating that the Organization of Petroleum Exporting Countries (OPEC)’s second largest oil producer is fulfilling the OPEC-led agreement to cut more supplies Promise of.
Petro-Logistics tracking tanker transportation data shows that as of August 25, exports from southern Iraq have fallen to 2.63 million barrels per day.
This is a decrease of 40,000 barrels per day compared to the 2.67 million barrels per day officially announced in July.
As demand began to recover from the new crown virus crisis, OPEC and its allies (OPEC) cancelled a record production cut plan from August 1.
After not fully complying with the agreement to reduce production in the previous few months, Iraq continues to cut production.
Petro-Logistics CEO Daniel Gerber said: "Iraq is expected to achieve the most compliant monthly level this year."
"However, the country still needs to take a lot of additional production cuts to make up for the oversupply in the previous months."
Iraq stated on August 7 that it would reduce production by 400,000 barrels per day in August and September to make up for the overproduction in the previous three months.
In previous OPEC agreements, Iraq was sometimes the member of OPEC with the lowest compliance.
The south is the main exporter of Iraq’s crude oil. According to tanker data and industry news, oil exports from the north of the country fell slightly to about 400,000 barrels per day in August.
Overall, according to the average of all estimates so far, Iraq’s oil exports have fallen by 80,000 barrels per day as of August 25.
An investigation found that in July, Iraq had completed a 73% reduction in production. According to calculations, due to the gradual decrease in trade, the implementation rate of Iraq’s August production cut has risen to 106%.
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