Iraq's oil production, including output from the semi-autonomous Kurdistan region, fell 4% month on month in November, the State Oil Marketing Organization said Dec.14, falling below its OPEC+ quota as bad weather disrupted exports from federal ports.
OPEC's second largest producer pumped 3.685 million b/d in November, below its 3.804 million b/d quota and down from 3.842 million b/d in October, SOMO data showed.
Oil output from federal Iraq dropped 5% month on month to 3.229 million b/d in November, while production from the semi-autonomous Kurdistan region rose 2.25% to 456,000 b/d, according to SOMO data.
Federal exports fell 6% from October to 2.709 million b/d, the SOMO data showed. The November exports dropped due to five days of rough weather that affected tanker loadings as well as the oil ministry's intention to compensate for previous OPEC+ quota violations, sources familiar with the matter told S&P Global Platts Dec. 1.
Compensation cuts
Iraq had agreed to implement "compensation cuts" of 203,000 b/d below its quota in September and 165,000 b/d for October to December for its excess production from May to August.
Kurdish exports rose to 426,000 b/d in November, from 416,000 b/d in October, according to SOMO data.
Baghdad and Erbil are currently in talks to resolve a dispute over budget revenue sharing and oil sales in the Kurdish region, which sells and markets its own oil. SOMO only markets and sells oil from federal Iraq.
Federal Iraq's domestic oil use remained steady at 520,000 b/d in November as it did in Kurdistan at 30,000 b/d, the SOMO figures showed.
