Oil Exports Up Despite Unrest

By John Lee.

Reuters reports that oil exports from Iraq’s southern terminals are “close to a record high” in October.

Kurdish shipments are also reported to be increasing, despite the continuing unrest in the country.

Exports from the southern terminals have averaged 2.55 million bpd for the first 23 days of October, slightly up from the average of 2.54 million bpd during September, and close to May’s average of 2.58 million bpd, which was the highest since at least 2003.

Total exports from Iraq’s northern and southern ports hit a record 2.80 million bpd in February, but northern exports of Kirkuk crude have been shut since March 2 due to attacks on a pipeline to Turkey, keeping total exports below their potential.

Meanwhile, Iraqi Kurdistan has been exporting more oil independently of Baghdad via the Turkish port of Ceyhan, hitting 180,000 bpd in September, and possibly as much as 200,000 bpd in October.

(Source: Reuters)

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