Track your shipment

Client Testimonials

"We wish to convey our sincere thanks to your organization which has been professionally handling our biz since 2003. We would like to take this opportunity to thank everyone of your staff members who supported and helped us during the hard times and gave us workable solutions and ideas to reach our business objectives. Al Rana Equipment & Machinery Trading Eng. Bassam Nowfat - Managing Director"

Al Rana Equipment & Machinery Trading,
View All

Subscribe To NewsLetter

Stay Updated with the latest news & Events and other activities

Subscribe Me !

News View

3/3/2020 12:00:00 AM

Iraq's federal crude oil exports rose 3.3% in February compared to the previous month, according to official data seen by S&P Global Platts.

Federal exports from OPEC's second-largest oil producer climbed to 3.415 million b/d in February, up from 3.306 million b/d in January, from a month earlier on increased shipments from southern terminals.

The February figure is 311,000 lower than the all-time record of 3.726 million b/d in December 2018, according to figures from State Oil Marketing Organisation obtained by Platts.

The February figure is 311,000 lower than the all-time record of 3.726 million b/d in December 2018.

Exports in January fell 3.5% from a month earlier due to bad weather in the upper Persian Gulf that affected loadings, said Platts.

OPEC+, led by Saudi Arabia and Russia, are currently trimming global output by 1.7 million b/d to soak up excess supply in the first quarter.

In February, Iraq said its January production fell 70,000 b/d to 4.47 million b/d, still above its OPEC+ quota.

The latest S&P Global Platts OPEC survey also showed overproduction in January at 4.6 million b/d, breaking a four-month trend of improving compliance.

Weakened global oil demand, caused by the effects of the coronavirus, is outweighing declines in supply.

More than 89,000 people across 58 countries have been infected by the coronavirus, while the death toll has exceeded 3,000.

Source: Oil&Gas