Iraq has reached the end of its oil production capacity

According to the report of the International Economic Group of Fars News Agency, quoted by Hellenic Shipping, despite the fact that the share of Iraq’s oil supply has increased in the OPEC+ agreement, but the country’s oil production has not changed in the past months.

A significant part of this problem is the country’s inability to export more oil from the southern ports on the coast of the Persian Gulf.

Iraqi officials have said that in the short term, there is no prospect of increasing oil loading capacity at the export terminal of Basra port. This issue has caused Iraq to not be able to take advantage of the opportunity to increase the price of oil in the world market as it wants.

On the one hand, the equipment in Basra port is worn out, and on the other hand, the pipes that connect the export terminal to the loading equipment are at risk of becoming an environmental disaster.

In June, Iraq produced 34.8 million barrels of oil per day, of course, part of it was produced in the Kurdistan Region of Iraq, and it registered a very small change compared to March.

Iraq also failed to meet the quota set in the OPEC+ agreement in daily production of 4.509 million barrels per day in June. This country must increase its production to 4.651 million barrels per day during this month.

For a long time, the southern ports of Iraq have been known as the bottleneck limiting the country’s oil export capacity. Iraqi Oil Ministry statistics show that between March and June, Iraq exported an average of 3.231 million barrels of oil per day from the port of Basra, which is even higher than the country’s oil exports in April 2020, when OPEC+ decided to cut production. , about 120 thousand barrels less per day.

The end of the message