Production from southern fields averaged 3.9 million bpd
Iraq's January oil exports rise slightly
BAGHDAD, February 1, 2016
Iraq's southern oil exports rose slightly in January to an average of 3.285 million barrels per day (bpd), from 3.215 million bpd the previous month, the oil ministry said on Monday.
Production from southern fields averaged 3.9 million bpd, according to oil ministry spokesman Asim Jihad, down from a record high the previous month.
All of the exports were from Iraq's southern ports, he said. For a fourth consecutive month, Baghdad exported no oil via its northern pipeline to Ceyhan in Turkey.
The self-ruled Kurdistan region in Iraq's north has ramped up its own independent oil sales via Ceyhan since mid-June, while cutting allocations to Iraq's State Oil Marketing Organisation (SOMO) in an escalating dispute over export rights and budget payments.
January revenue totalled $2.26 billion, with 101.84 million barrels sold at $22.21 per barrel, down from $29.84 the previous month, Jihad said.
Iraq, whose revenues depend almost entirely on oil sales, is struggling to cope with the plunge in global crude prices as it wages a battle against Islamic State militants that control large swathes of territory in the north and west. --Reuters
Opec, Russia coordinated oil output cuts unlikely -Goldman Sachs
NEW YORK: Coordinated oil production cuts between Opec producers and Russia are "highly unlikely" since a deal would require further cooperation between Opec members amidst Iran's growing production and ongoing rift with Saudi Arabia, Goldman Sachs said on Sunday.
Furthermore, coordinated cuts would be "self-defeating" since the higher prices as a result of an announcement of cuts would bring shale oil production back into the market quickly since previously shut wells would restart at prices above $40 a barrel, the bank said.
Oil prices rebounded last week from 12-year lows on indications of talks between Russian officials, Saudi Arabia and other OPpec members to cut output up to 5 percent.
Oil prices will have to trade between $40 a barrel and $20 in the first part of 2016 in order to curtail supply enough to balance the crude market, said Goldman
"We reiterate our view that prices need to remain low enough to force fundamentals to create the adjustment back towards a new equilibrium," Goldman analysts said in a note.
Oil prices will average just over $40 this year, the biggest cut to monthly forecasts in a year, as an influx of Iranian barrels hits an already-saturated world market, a Reuters poll showed on Friday,
--Reuters
