Iraqi crude exports are running at record levels. Including volumes shipped independently by the KRG they are closing in on 4mn b/d.

Iraq’s federally controlled crude exports hit a record 3.37mn b/d in November. Official volumes, which are all from the southern Basra terminals and exclude the KRG, were boosted from a backlog in loading from a storm-hit October schedule (MEES, 6 November).

But, despite this, the month’s export revenue of $3.67bn is just 47.5% of the $7.74bn that...