Iraqi oil exports in September fell by just over 500,000 b/d from the previous month to their lowest level since February 2012 as a result of ongoing upgrades at the Basra oil terminal. The slump in output and exports will hit Iraq’s revenues as the standoff with the Kurdistan Regional Government (KRG) has also deprived Baghdad of 250,000 b/d of Kurdish crude (see p2).
State marketer SOMO exported an average of 2.07mn b/d in September (see table below and graph, p20), of which 1.821mn b/d was shipped from the southern Basra terminal on the Gulf. Northern exports through the Turkish port of Ceyhan at around 250,000 b/d are in line with the average for the year to date (and 60,000 b/d up on August) but volumes are 170,000 b/d down on year-ago levels. Shipments this year have been intermittent due to repeated attacks against the northern pipeline system. The September export figure compares with 2.58mn b/d in August. (CONTINUED - 539 WORDS)