Crude oil exports from Iraq dip to seven-month low

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It is a turbulent time for Middle Eastern oil production, after exports from Iraq declined.

The amount of oil being exported from Iraq has dipped to a new low, according to figures released this week.

Iraq's oil ministry revealed that federal exports in November averaged 3.372 million barrels per day (bpd), the lowest level seen since April 2018, S&P Global Platts reported.

This was the third consecutive month of declines and came despite a record high export level of 3.583 million bpd in August.

During November, some 3.363 million bpd was sent from the nation's southern ports, while around 9,000 bpd flowed through the Kirkuk-to-Turkey oil pipeline of the semi-autonomous Kurdistan region.

In mid-November, oil exports from the  Kirkuk province were resumed after a year-long ban in the petroleum product coming from the area due to political disputes, but this was not enough to salvage export levels.

The decline was attributed to fewer loadings due to bad weather at southern terminals, with shipments halted from Basrah on November 9th in particular because berthing could not be achieved in the rough seas.

This news comes after it was revealed earlier this week that Qatar will be leaving OPEC on January 1st 2019, making it the first Middle Eastern nation to quit.

It has been a member of the cartel since 1961, but said it wishes to focus national efforts on liquefied natural gas instead.