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DMEA sUPPly DMEA
Iraqi exports fall by 130,000 bpd
middle east
IRaq said last week that oil exports fell by nearly 130,000 barrels per day in October as oil work- ers started to join widespread anti-government protests.
Baghdad said that it was continuing to pro- duce below capacity, in line with its commit- ment to the OPEC/non-OPEC output cut. Iraq’s current quota is 4.51mn bpd, with production having run at around 4.88mn bpd during the summer.
Exports dropped to 3.447mn bpd in Octo- ber from 3.576mn bpd in september, it said. The bulk of the drop came as a result of reduced flows through terminals at Basra, where exports decreased to 3.34mn bpd from 3.434mn bpd in september.
The statement added that flows from
Kirkuk to the Turkish port of Ceyhan via the Kirkuk-Ceyhan Pipeline had averaged just 83,220 bpd.
It is unclear what impact the civil unrest has had on production in northern Iraq, though the piped volumes are down around 20% compared to august, when 105,000 bpd flowed through the conduit.
One positive was that trucked oil deliveries to Jordan have proved reliable, running at 10,000 bpd since they began in early september under a deal signed earlier in the year between Jordanian Minister of Energy Hala Zawati and Iraq’s minis- ter of oil, Thamir Ghadhban.
Iraq said that it had realised an average sale price of $57.153 per barrel during October, which generated around $6.107bn in revenue.™
reFininG
OPEC anticipates major refinery closures by 2025
oPeC
OPEC this week released this year’s edition of World Oil Outlook, a report assessing the global energy market.
In his foreword, secretary general Moham- mad Barkindo said: “With much talk of an energy transition, we need to have a better appre- ciation of what this actually means and look to follow a realistic path that leads us to a sustaina- bleenergyfutureforall.”
Indeed, these efforts to create a sustainable future have brought about several major new influences on the sector. Perhaps none are more
pertinent in the short-term than the new Inter- national Maritime Organization (IMO) 2020 regulations that will limit the level of sulphur content in marine fuels.
OPEC described the legislation, which comes into effect on January 1, 2020, as a “disruptive event, not only for the shipping sector, but also for the global refining system and related refined product supply”.
It added: “Recent assessments indicate that the global refining system will have sufficient flexibility to address the changes in the maritime
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