Iraqi fuel oil exports have risen since the beginning of 2017 despite the country’s commitment to curb production in line with the Organization of Petroleum Exporting Countries’ supply cuts, Reuters reported.
According to Emirates Business, the increase in fuel exports can pave the way for increasing output of refined products and maintaining the country’s oil revenues.
A Manager at an Iraqi-headquartered energy trading told Reuters that “the Iraqis have been working on optimizing fuel oil exports … in a move to compensate for the OPEC (crude) cuts.” Iraq reluctantly agreed to participate in the cartel’s agreement, saying it would reduce crude output by 210,000b/d.
Data collected by Thomson Reuters Oil Research revealed that in 2016 Iraq approximated exports were between 80,000 and 160,000 tons of fuel oil per month.
In related news, the amount of oil exported to Asia have jumped in 2017, with Iraq’s global exports of fuel oil reaching more than 500,000 tons in March alone.