Print Edition - 2017-10-23  |  Money Digest

Iraq hikes southern output


Oct 23, 2017-

Iraq said it hiked southern oil production by 200,000 barrels per day on Saturday to compensate for a halt in pumping in Kirkuk province because of its conflict with the Kurds. “Basra Oil Company (BOC) started to pump an extra 200,000 bpd from the south and centre” in addition to the 2.2 million barrels exported daily, Oil Minister Jabbar al-Luaybi said in a statement. He said the move was to compensate for the loss of exports from the oil-rich northern province of Kirkuk which Iraqi security forces retook from Kurdish fighters in a military operation this week. The arrangement would continue “until exports from the north return to normal”, Luaybi said, adding it would not violate Iraq’s OPEC commitment to stick to a lower output quota. Before the conflict, the Iraqi Kurds were exporting an average of 550,000 bpd via a pipeline through Turkey, half of which was pumped from the Kirkuk fields where production has halted. 

Published: 23-10-2017 08:18

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