EnergyWatch

Iraq's February oil sales accelerate despite OPEC effort to cut

Oil exports out of Iraq have grown by hundreds of millions of barrels in the first 15 days of February, in spite of Iraq's status as OPEC's second-largest producer and being part of the organization's deal to reduce output.

Photo: /ritzau/Nabil al-Jurani/Arkiv

Iraqi crude shipments rose 3 percent in the first half of February even after OPEC's second-biggest producer agreed to participate in global output cuts to mop up a glut that has put pressure on oil prices.

Exports increased to 3.93 million barrels a day in the first 15 days of the month, 122,000 barrels a day more than the average for all of January, according to port-agent reports and ship-tracking data compiled by Bloomberg. Shipments from the southern Iraqi port of Basra grew by 10 percent, while sales by the Kurdish Regional Government in the north of the country were up 13 percent, the data show.

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