IRAQ DATA: January crude exports fall 0.7%, as KRG volumes shrink, SOMO says

Dubai — Total Iraqi crude exports, including from the semi-autonomous Kurdistan region, fell slightly to 3.265 million b/d in January, from 3.288 million b/d in December, official data showed Feb. 1, indicating that its compliance with its OPEC+ production quota may have improved.

A 0.8% rise in federally controlled exports to 2.868 million b/d was more than offset by a 10.2% decline in Kurdish exports to 397,000 b/d, according to the data provided to S&P Global Platts from Iraq's State Oil Marketing Organization.
Of the federal exports, shipments from the southern terminals in the Gulf rose to 2.770 million b/d, while exports of Kirkuk oil via the Turkish port of Ceyhan increased to 98,450 b/d, the data showed.

SOMO did not disclose a production figure for January, nor refinery runs, crude volumes burned to generate electricity, and changes in stock levels.

A Kurdistan Regional Government spokesman could not immediately be reached to confirm the data.

Iraq's production quota under the supply accord between OPEC and its allies is 3.857 million b/d for January-March. The country said it produced exactly at that volume for December, when its quota was lower at 3.804 million b/d.

OPEC's second-largest producer, Iraq still owes significant volumes of so-called "compensation cuts” for its previous quota violations under the deal.

Iraq struggled for most of 2020 to comply with its OPEC+ quota amid a low oil price environment, the pandemic and a financial crisis gripping the country. Iraq's lax compliance, among the worst in OPEC+ in 2020, has complicated the coalition's efforts to balance an oil market suffering from anemic demand

According to the oil ministry, Iraq earned $4.739 billion in oil revenue in January, up from $4.235 billion in December. Its crude sold for an average of $53.294/b, from $48.013/b in December, the ministry said.