Iraq's Oil Exports Are Up, Despite OPEC Output Cuts
- February shipments reached 3.85 million barrels a day
- Exports increased from Basra in south Iraq and Kurds in north
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Iraq’s crude exports rose 1 percent by volume in February, contrasting with a decrease in monthly shipments by Saudi Arabia after both countries agreed to OPEC’s plan to cut oil production in an effort to prop up prices and trim a global oversupply.
Exports increased to 3.85 million barrels a day last month, about 39,000 barrels a day more than in January, according to port-agent reports and ship-tracking data compiled by Bloomberg. Shipments from the southern port of Basra grew by about 1 percent, and sales by the Kurdish Regional Government in the north of the country rose about 9 percent, the data show.