Page 6 - MEOG Week 22 2021
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MEOG PERFORMANCE MEOG
Iraqi exports largely unchanged
in May as OPEC+ holds steady
IRAQ IRAQ’S Ministry of Oil (MoO) said this week in April. If accurate, this will mean that the coun-
that the country’s exported an average of 2.9mn try has failed to comply with its OPEC quota for
barrels per day (bpd) of during May, down four consecutive months despite its production
around 47,000 bpd compared to April. cap having been raised for May.
According to the MoO, exports from the
southern terminals at Basra ran at 2.8mn bpd, OPEC+ outlook
with just 99,000 bpd flowing from Kirkuk to the Members of the OPEC+ group met briefly this
Turkish port of Ceyhan. week and agreed to stick with their plans to
Exports of the Qayara heavy oil from Khor increase oil output in July but fell short of pro-
Al-Zubair and oil trucked to Jordan remained viding further clarity about the longer-term
suspended. During April, southern exports outlook.
averaged 2.851mn bpd, while those exported During a press conference following a meet-
via Ceyhan were 95,447 bpd. ing that lasted less than 30 minutes, Saudi Ara-
The economy, which is nearly completely bian Energy Minister Prince Abdulaziz bin
reliant on oil exports, benefited from a nearly Salman said: “The demand picture has shown
$3 per barrel increase in the realised price of clear signs of improvement.”
crude, which averaged $65.46 per barrel in May, However, when asked about whether further
generating $5.88bn in revenues, up more than easing of supply restraint would be needed, he
$300mn compared to April. said: “I will believe it when I see it.”
While a Reuters survey found that Iraq’s oil Meanwhile, OPEC Secretary-General
production had increased by 70,000 bpd during Mohammad Barkindo said: “[coronavirus]
the month to around 4mn bpd, official data from COVID-19 is a persistent and unpredictable foe,
the MoO or state oil marketer Somo is not antici- and vicious mutations remain a threat.”
pated until later in June. OPEC+ is set to increase oil production by
However, there are indications of an uptick, 841,000 bpd in July and is currently anticipated
as domestic crude use increased to 572,000 bpd to hold output at that level until April next year.
P6 www. NEWSBASE .com Week 22 02•June•2021
