*Refinery output in federal Iraq is on course for a three-year low, averaging 651,000 b/d for the first nine months of 2020 (see table). The 3Q 2020 level of 655,000 b/d is far short of 3Q 2019’s record level when it exceeded 800,000 b/d for the first time (MEES, 22 November 2019).
*Domestic consumption has fallen even further to just 524,000 b/d from 690,000 b/d, a whopping 24% decrease. Interestingly, fuel oil is down the most, by 46% to 143,000 b/d. Fuel oil is primarily used in power plants, where consumption of gas is up 12% to nearly 2bn cfd thanks to higher imports from Iran. (CONTINUED - 402 WORDS)