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IRAQ DATA: Federal oil exports rise 5% in Nov amid higher OPEC+ quota

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IRAQ DATA: Federal oil exports rise 5% in Nov amid higher OPEC+ quota

Highlights

Federal exports reach 3.272 mil b/d in Nov vs 3.120 mil b/d in Oct

Quota was 4.193 mil b/d in Nov vs 4.149 mil b/d in Oct

OPEC+ set to meet Dec. 1-2 to decide on next course of action

Iraq's federal oil exports, excluding flows from the semi-autonomous Kurdistan region, in November rose 5% month on month, the ministry said on Dec. 1, amid a higher OPEC+ quota.

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Federal oil exports reached 3.272 million b/d in November, up from 3.120 million b/d in October, ministry figures showed.

Iraq's quota in November rose to 4.193 million b/d from 4.149 million b/d in October as the OPEC+ group continued to increase output by 400,000 b/d per month, according to a July agreement. OPEC's second-biggest producer will have a higher quota of 4.237 million b/d in December.

The 23-member coalition, which started boosting output by 400,000 b/d per month in August up to December, will meet virtually Dec. 1-2 to decide on the next course of action.

OPEC+ is weighing its supply options after the US-led attempt to lower prices by releasing stocks was complicated by a major sell-off after resurgent pandemic fears.

Central and southern oil exports in November increased 6% to 3.195 million b/d, while Kirkuk crude exports through the Turkish port of Ceyhan fell 30% to 67,756 b/d.

Iraq raked in $7.590 billion in November from selling its oil at an average of $77.333/b, compared with October's $7.666 billion revenue from selling its oil at $79.274/b.