Iraqi Infrastructure Constraints Overshadow Southern Export Record

Iraq’s southern crude exports hit record levels last month. But the northern export pipeline is likely to remain out for some time. Together with other infrastructure bottlenecks this means that while Iraq’s wellhead capacity may hit Baghdad’s 4mn b/d target by end-2014, sustained output at this level is unlikely.

Iraq exported 2.51mn b/d of crude in April, up from an average 2.40mn b/d in March but...