Iraq's crude oil exports reached 2.94 million b/d in December, a new record high, taking the country's 2014 monthly average to 2.517 million b/d, as the recent deal with Kurdish authorities begins to bear fruit.
Bad weather has disrupted oil exports from Iraq's southern offshore terminal and forced neighbouring Kuwait to halt all of its oil exports, a shipping source and government official told Reuters on Sunday.
Saudi Arabia has raised oil exports and the United States is considering releasing crude from its strategic reserves as oil prices hit nine-month highs on Friday and concerns deepened over Iran's nuclear program.
Iran struck a combative tone Thursday in its confrontation with the West over the nuclear issue, threatening to terminate oil exports to European nations even before their embargo takes effect this summer.