Federal Iraq's oil revenues hit a 10-month high in January, while the Kurdistan region's sales dipped slightly.
After a record-setting 2019, annual oil output fell by about 760,000 bpd as Iraq made extraordinary cuts to help support global prices.
Basra's fields bore the brunt of the OPEC-plus production curtailments, and they are ready to surge as output quotas lift.
Oil exports ended 2020 on a relative high note, but the year saw federal Iraq post its lowest annual export volumes since 2014 and worst revenue total in more than a decade.
Despite ongoing OPEC-plus efforts to limit global supply, Iraq increased oil output as the government desperately seeks revenue to narrow record deficits.
Detonations at two wells early Wednesday are the latest example of inadequate security across northern Iraq.
Field is not under threat. Decision by Gazprom Neft protects 100-plus daily tanker trucks exporting the crude.
Countrywide exports of 3.143 million bpd suggest Iraq has reduced output, with OPEC-plus members insisting on full quota compliance as they consider extending cuts.
A new proposal from SOMO asks crude buyers to pay up front for a year's worth of exports to secure a 5-year supply — part of Iraq's response to a cash-flow crisis.
SOMO is using the launch of its new Basra Medium crude grade as an occasion to revamp the specifications for its flagship Basra Light and Basra Heavy, too.
