Men work at the Rumaila oil refinery, near the southern Iraqi city of Basra. Photo: AP
Baghdad (IraqiNews.com) – Iraq is increasing oil output and exports from its southern oilfield amid expectations of a surge in crude oil shipments via its Gulf ports as the US-Iran peace deal progresses.
On Tuesday, two officials in the Iraqi oil sector told Reuters that output from the country’s southern oilfields had risen to approximately 2.1 million barrels per day, as additional oil tankers line up to load crude oil at export terminals on the Arabian Gulf.
According to the officials, the recent rise is mostly due to increased output from the giant Rumaila oilfield, which has reached around 1.1 million barrels per day.
The officials also noted that the production of the Zubair oilfield has increased by about 120,000 barrels per day, bringing the overall output to 320,000 barrels per day.
The State Organization for Marketing of Oil (SOMO) said on Tuesday that oil shipments from oilfields in Kirkuk via northern channels had increased to almost seven million barrels per month, up from four million barrels.
The increased output coincides with greater maritime activity in the Strait of Hormuz following a breakthrough in US-Iranian discussions, resulting in a rise in oil supplies to Asian and European markets.
The Iraqi Oil Ministry previously said that output from southern oil fields is likely to surpass three million barrels per day within one to two months, as part of a gradual approach to restore production to pre-war levels.
The ministry restated its determination to raise Iraqi crude production up to 4.3 million barrels per day and increase oil exports mostly from southern ports.