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.