Iraq’s oil production dropped sharply in October to 3.035 million b/d, a 200,000 b/d decline from September output of 3.235 million b/d although oil exports rose slightly to 2.624 million b/d, a new post-1990 record, oil ministry figures obtained Wednesday by Platts showed.
Highlights from market news:
- Iraqi crude oil exports in October registered hit their highest level since the August 1990 invasion of Kuwait. Exports totaled 2.624 million b/d, a rise of 26,000 b/d over September exports of 2.598 million b/d
- Iraq was able to export this volume from the south despite the fall in southern production by tapping into some 3 million b/d of crude oil in storage