Iraq oil exports reportedly rose 9.5% in December

Reuters reports that Iraq's oil exports averaged 3.726mn barrels per day (bpd) in December, up from 3.372mn bpd in November

Photo for illustrative purposes only.
Photo for illustrative purposes only.

Iraq's oil ministry reportedly said that the country's oil exports averaged 3.726mn bpd in December, a 9.5% increase from the previous month, when the country exported 3.372mn bpd. It has a maximum capacity of approximately 5mn bpd.

The vast majority of exports came from Iraq's southern Basra area, which is oil-rich. It exported 2.63mn bpd in December, Reuters reported, up from 3.363mn bpd in November.

Meanwhile, the country exported 99,000 bpd from its Kirkuk oilfields, up from 8,716 bpd the month before. According to a statement from Iraq's oil ministry, it generated $6.1bn in revenue from oil exports.

Bloomberg reported that many OPEC nations ignored previous production cuts set before the Vienna meeting in early December. According to Bloomerg's data analysis, Iraq has not met production cuts for a single month since January 2017. 

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