Iraq’s January oil output down by 160,000 bpd
Bad weather at southern export terminals disrupted tanker loadings and forced shut-ins at oil fields, but spare capacity is ready to come online as OPEC quotas rise.
Workers install a new turbine at the PS1 depot in January 2022 — part of ongoing infrastructure work to increase southern export capacity. (Photo credit: Basra Oil Company)
Iraq's federal government and Kurdistan region produced a combined 4.32 million bpd of crude oil in January* as output slipped due to bad weather at southern terminals that delayed tanker loadings and forced production shut-ins at major southern oil fields.
The decline from December output of 4.49 million bpd came despite the country’s higher OPEC-plus quota for the month. The revenue impact was mitigated by rising global oil prices, however, which pushed export sales to their highest level in a decade.
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