Bad Weather Drives Oil Exports Lower

Iraq exported less crude in March than in the previous month because of faults due to poor weather, an Oil Ministry official said.

“Exports were a bit less than in February because of technical reasons mainly linked to bad weather,” Falah al-Amri, head of the State Oil Marketing Organization, said by telephone today. Al-Amri declined to provide a figure, other than to say “revenues for exports exceeded $4 billion.”

Iraqi exports climbed in February to about 2.07 million barrels of oil a day, or about 58 million barrels in total, al- Amri said. That compares with 1.93 million barrels a day, or about 59 million barrels, in January, he said. February crude export revenue was $US4.2 billion.

The decline in March exports “does not mean there was a decrease in production, and the oil produced remained in the tanks,” al-Amri said.

“There was bad weather that caused interruptions on the export routes in Basra in the south, and also on the Mediterranean in Ceyhan in Turkey,” he said.

“If all goes well, we expect exports to rise again in April,” he said.

Total Iraqi production is about 2.4 million barrels a day, according to data compiled by Bloomberg.

( Bloomberg )

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