By John Lee.
In a sign that Iraq is following through on the OPEC decision to cut oil output, Reuters reports that oil exports from Iraq’s southern terminals have fallen so far in January.
According to loading data and an industry source, exports from southern Iraq averaged 3.25 million bpd in the first 16 days of January, down from the 3.51 million bpd record high achieved for the month of December.
Under the OPEC agreement, Iraq is required to cut production by 210,000 bpd. Oil Minister Jabar Ali al-Luaibi [Allibi] confirmed earlier this month that Iraq will comply with the agreement.