Increase in Iraq’s Crude Exports in November

Iraq's federal oil exports, excluding flows from the semi-autonomous Kurdistan region, in November rose 5% month on month, the ministry said on Dec. 1, amid a higher OPEC+ quota. Federal oil exports reached 3.272 million b/d in November, up from 3.120 million b/d in October, ministry figures showed. Iraq's Ministry of Oil announced preliminary oil exports for November of 98,192,317 barrels.

The exports from the oilfields in central and southern Iraq amounted to approximately 95,860,149 barrels; we are still awaiting details of exports from Kirkuk, and via road to Jordan. Revenues for the month were US$7.590 billion at an average price of US$77.333 per barrel.

Iraq's quota in November rose to 4.193 million b/d from 4.149 million b/d in October as the OPEC+ group continued to increase output by 400,000 b/d per month, according to a July agreement. OPEC's second-biggest producer will have a higher quota of 4.237 million b/d in December.

The 23-member coalition, which started boosting output by 400,000 b/d per month in August up to December, will meet virtually Dec. 1-2 to decide on the next course of action.

OPEC+ is weighing its supply options after the US-led attempt to lower prices by releasing stocks was complicated by a major sell-off after resurgent pandemic fears.

Central and southern oil exports in November increased 6% to 3.195 million b/d, while Kirkuk crude exports through the Turkish port of Ceyhan fell 30% to 67,756 b/d.