The rising crescendo of violence and political instability wracking northern Iraq, coupled with the cut-off of Kurdish contributions to Iraqi exports have pushed exports from northern fields to the Turkish port of Ceyhan to their lowest levels since 2007.
May registered only the second sub-300,000 b/d northern export figure since 2007 - the first was in January. Judging from the extent of pipeline bombings and stoppages so far this month, June could well also come in less than 300,000 b/d.Quarterly figures also make ugly reading, with average Jan-Mar northern exports of 307,000 b/d (including January’s 264,000 b/d) marking a post-2007 low. April-May northern exports of 296,000 b/d mean that it would come as no surprise if second quarter figures also came in below the psychologically important 300,000 b/d mark. From 2009-2011, Iraqi northern export exceeded 500,000 b/d on a not irregular basis. (CONTINUED - 456 WORDS)