Iraqi oil exports in September fell by just over 500,000 b/d from the previous month to their lowest level since February 2012 as a result of ongoing upgrades at the Basra oil terminal. The slump in output and exports will hit Iraq’s revenues as the standoff with the Kurdistan Regional Government (KRG) has also deprived Baghdad of 250,000 b/d of Kurdish crude.
State marketer SOMO exported an average of 2.07mn b/d in September, of which 1.821mn b/d was shipped from the southern...
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