Iraqi crude burn volumes fell to a 10-year low of 43,000 b/d as in 1Q 2018 it stepped up fuel oil and gas consumption in power plants.

Q1 crude burn volumes were down from 71,000 b/d in 4Q 2017, which was itself one of the lowest figures in recent years. March’s 28,000 b/d was down more than 100,000 b/d year-on-year; crude burn volumes for 2018 as a whole could fall fourfold to around 30,000 b/d based on Q1 data and normal seasonal trends (see charts 1 & 2).

Curbing crude oil...