Iraq’s federal oil exports, excluding flows from the semi-autonomous Kurdistan region, rose slightly in September from a month earlier, the oil ministry said Sept. 1, amid a higher OPEC+ quota.
Federal oil exports rose to 3.292 million b/d in September from 3.286 million b/d in August, ministry data showed.
Iraq had an OPEC+ quota of 4.663 million b/d in September, up from 4.651 million b/d in August.
OPEC’s second-biggest producer has an October quota of 4.651 million b/d.
Central and southern exports fell 1% to 3.215 million b/d in September from August, while exports of Kirkuk crude via the Turkish port of Ceyhan more than doubled to 72,300 b/d in September, from 35,800 b/d in August.
OPEC+ has summoned at short notice oil ministers and delegates to Vienna on Oct. 5 for physical talks on potential production cuts, abandoning its previous plan for the meeting to be held online via video conference call.
OPEC+ meeting
Saudi energy minister Prince Abdulaziz bin Salman called for the in-person talks, delegates said, and will be in Vienna, along with ministers from Saudi Arabia’s close Gulf allies the UAE and Kuwait. Iraq, Algeria and Congo-Brazzaville will also send their ministers, delegates said.
OPEC and its allies are preparing a package of potential production cuts, according to delegates, as they try to backstop slumping oil prices, even though their own analysis forecasts a healthy surge in demand ahead.
Platts benchmark Dated Brent was assessed on Sept. 30 at $/b, down from a March high of $/b, according to S&P Global Commodity Insights data.
Having decried what they view as a disconnect between futures prices and market fundamentals, ministers could announce a cut of as much as 1 million b/d, as favored by Russia, some delegates suggested.
But not all countries may be on board, with some preferring a smaller reduction of 500,000 b/d, and the final deal remains in flux.
That would come on top of the 100,000 b/d cut for October that the OPEC+ agreed upon Sept. 5.
