Iraq exports fall as OPEC cuts begin

Export rates are down from their December peak, but questions remain over which fields are being reduced and whether the cuts will meet OPEC expectations.
Iraq exports fall as OPEC cuts begin
Tugboats position a single point mooring (SPM) buoy in the Basra Gulf in January 2012 as Iraq expands its export capacity. (ALI ABU IRAQ/Iraq Oil Report)

Iraq has reduced the rate of its oil exports by about 6 percent as it begins the difficult process of implementing an OPEC agreement to cut production."I'm confident we can get to the OPEC cut level by the end of the month," said Ali Nazar al-Shatari, a senior official at the State Oil Marketing Organization (SOMO).Iraq is supposed to take 210,000 barrels per day (bpd) of production offline under the OPEC deal. Shatari said overall production is already down by about 170,000 bpd from th...

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