Iraqi crude exports plummeted 244,000 b/d in March to their lowest levels since October due to Opec+ compliance cuts (see p9) as well as weather-related issues. Southern exports slumped to 3.255mn b/d – the lowest since September 2017 – after reported flooding hampered output from the 240,000 b/d Majnoon field and bad weather once again complicated loadings at Basra (MEES, 2 November 2018).

On the positive side, federal Iraqi exports of Kirkuk crude via the KRG-controlled 1mn...