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IRAQ DATA: Federal oil exports in Sept edge up amid higher OPEC+ quota

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IRAQ DATA: Federal oil exports in Sept edge up amid higher OPEC+ quota

Highlights

Exports hit 3.292 mil b/d in Sept. vs 3.286 mil b/d in August

Quota rose to 4.663 mil b/d in Sept. vs 4.651 mil b/d in August

OPEC+ ministers to meet Oct. 5 to decide Nov production levels

  • Author
  • Dania Saadi
  • Editor
  • Claudia Carpenter
  • Commodity
  • Oil

Iraq's federal oil exports, excluding flows from the semi-autonomous Kurdistan region, rose slightly in September from a month earlier, the oil ministry said Sept. 1, amid a higher OPEC+ quota.

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Federal oil exports rose to 3.292 million b/d in September from 3.286 million b/d in August, ministry data showed.

Iraq had an OPEC+ quota of 4.663 million b/d in September, up from 4.651 million b/d in August.

OPEC's second-biggest producer has an October quota of 4.651 million b/d.

Central and southern exports fell 1% to 3.215 million b/d in September from August, while exports of Kirkuk crude via the Turkish port of Ceyhan more than doubled to 72,300 b/d in September, from 35,800 b/d in August.

OPEC+ has summoned at short notice oil ministers and delegates to Vienna on Oct. 5 for physical talks on potential production cuts, abandoning its previous plan for the meeting to be held online via video conference call.

OPEC+ meeting

Saudi energy minister Prince Abdulaziz bin Salman called for the in-person talks, delegates said, and will be in Vienna, along with ministers from Saudi Arabia's close Gulf allies the UAE and Kuwait. Iraq, Algeria and Congo-Brazzaville will also send their ministers, delegates said.

OPEC and its allies are preparing a package of potential production cuts, according to delegates, as they try to backstop slumping oil prices, even though their own analysis forecasts a healthy surge in demand ahead.

Platts benchmark Dated Brent was assessed on Sept. 30 at $87.92/b, down from a March high of $137.64/b, according to S&P Global Commodity Insights data.

Having decried what they view as a disconnect between futures prices and market fundamentals, ministers could announce a cut of as much as 1 million b/d, as favored by Russia, some delegates suggested.

But not all countries may be on board, with some preferring a smaller reduction of 500,000 b/d, and the final deal remains in flux.

That would come on top of the 100,000 b/d cut for October that the OPEC+ agreed upon Sept. 5.