The Iraqi oil Ministry stated that Iraq’s oil exports reached a record high 4.051mb/d in November, Reuters reported.
Exports from the country’s southern oilfields totaled 3.407mb/d. Kirkuk exports amounted to 64,000b/d, with 580,000b/d exported from oilfields controlled by the Kurdish regional authorities in the north, according to Hellenic Shipping News. This comes as October exports from southern terminals were estimated at 3.310mb/d. However, Iraq is set to cut its production by 210,000b/d as part of the Organization for Petroleum Exporting Countries (OPEC) pledge to cut down oil outputs from its members, informed Bloomberg.
OPEC’s plan will start effect in January 2017, in an attempt to stabilize global oil prices. Eleven of OPEC’s 13 members will reduce their output by a combined total of 1.2mb/d. The biggest reductions on a gross basis are by Saudi Arabia at 486,000b/d, followed by Iraq. Nigeria and Libya were exempted from the reductions. In addition, Algeria, Kuwait, Venezuela and two participating non-OPEC countries will serve on a committee “to closely monitor the implementation of and compliance with” the agreement.