Iraq’s southern terminals ship record volume

BAGHDAD, January 9, 2017 – Iraq exported a record volume of crude via its southern export terminals in December, the Ministry of Oil said in a statement on Monday.

According to Minister of Oil Jabar Al Luaibi, Iraq shipped 3.51 million bopd last month, up 103,000 bopd compared with November levels. “Achieving this record average will not affect Iraq’s decision to cut output from the beginning of 2017 … Iraq is committed to achieving producers’ joint goals to control the oil glut in world markets,” the minister said in an e-mail to Bloomberg.

Despite the Al Luaibi’s reassurances, sources familiar with Iraq’s allocations to Asian buyers said three refiners had been given their full allotments for February. “We didn’t get any cut. What we nominated, they gave,” a buyer told Reuters on Monday.

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