Iraq: Record Crude Burn Fueled By Lack Of Alternatives

It’s not just Saudi Arabia (see p20) that has burnt record quantities of crude so far this year. Iraqi burning is also running at record levels, MEES analysis of JODI and national data indicate.

Iraq’s crude burn hit a record 152,000 b/d in August. It is unclear to what extent this record is supply or demand led – output has ramped up at a number of key fields in southern Iraq in recent months (see p14), but export infrastructure constraints have limited the volumes of additional crude that has been able to reach international markets.

Of course Iraq has been limited to southern export outlets since Jihadist attacks took out its northern export route to the Turkish Mediterranean port of Ceyhan in March. (CONTINUED - 452 WORDS)