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Iraq’s crude exports decline in March

Industry

Iraq’s crude exports for the month of March 2013 dropped to 2.417mn bpd from 2.538mn bpd in February 2013, according to the latest figures from the countrys Federal Oil Ministry 

Iraqi oil minister Abdul Kareem Luaibi claimed that the failure of the Kurdistan Region of Iraq to export 250,000 bpd since the start of 2013 had affected total export levels and damaged federal coffers.

“The Federal Oil Ministry has drafted a report on the damage caused by stoppage of crude flow from the Kurdistan Region of Iraq and found that Iraq lost around US$2.4bn for the first three months of 2013,” Luaibi said.

The country’s total oil production in March was 3.15mn bpd. 

Iraq shipped 2.1mn bpd from the southern oil hub of Basra and 315,000 bpd from the northern fields around Kirkuk, including 15,000 barrels trucked to Jordan, according to the State Oil Marketing Organisation.

Luaibi said that he expected exports to be at higher levels for next months as more crude shipments have been forecasted with Majnoon oilfield restarting production.

Royal Dutch Shell has said it would resume operations at Majnoon oilfield on May 1 with initial production of 100,000 bpd and is expected to hit 200,000 bpd before the end of 2013.

“BP is also holding meetings with technical teams from the state-run North Oil Company to discuss a plan for allocating around US$100mn to arrest declining production at the Kirkuk oilfield,” the oil minister added.

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