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IRAQ DATA: SOMO says March oil output nearly steady as OPEC+ compliance slips

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IRAQ DATA: SOMO says March oil output nearly steady as OPEC+ compliance slips

Highlights

March output was 3.865 mil b/d vs 3.857 mil b/d quota

Federal production fall offset by Kurdish output rise

Iraq breached quota for second month in a row

Dubai — Iraq's March oil production, including output from the semi-autonomous Kurdistan region, was nearly steady compared with February, State Oil Marketing Organization, or SOMO, said April 7, as the country's OPEC+ compliance remained lax for the second month in a row.

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OPEC's second largest producer pumped 3.865 million b/d in March compared with 3.868 million b/d in February, SOMO data showed. Production was above the country's 3.857 million b/d OPEC+ quota, which is valid through April.

Iraq has struggled for most of 2020 to comply with its OPEC+ quota amid the 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 an anemic demand outlook.

Federal production fell around 0.9% to 3.399 million b/d in March, while Kurdish output rose 6.2% to 466,000 b/d, according to SOMO data.

Total exports dropped 0.8% to 3.367 million b/d as federal volumes fell 0.5% to 2.946 million b/d and Kurdish flows declined 3.2% to 421,000 b/d.

Total crude domestic use fell 6.3% to 480,000 b/d and stocks rose 18,000 b/d in March, compared with 39,000 b/d drop in February.