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Iraqi oil production rose strongly in March, with exports hitting a new post-1979 high of 2.98mn b/d in March. But creaking infrastructure means export volumes can expect to continue their rollercoaster ride in the months ahead.
Preliminary oil ministry figures indicate that Iraq in March not only reversed February’s slump in export volumes – blamed on bad weather – but hit a new 36-year high. The close to 400,000 b/d jump in exports last month brings Baghdad closer to its 3.5mn b/d export target as per the 2015 budget, but is contingent on the continued cooperation of the Kurdistan Regional Government (KRG).
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