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Iraqi Kurdistan and other OPEC Members Affected by Pipeline Disruptions

Similar pipeline disruptions in Nigeria with a spill and maintenance in the UAE also affected oil output.

The overall lower total of output of oil in the world has been largely affected by pipeline disruptions in Iraqi Kurdistan and similar scenarios in other OPEC nations. The Iraqi Kurdistan pipeline closed February 17 and will not be in operation until mid to late March. 

"The interruption from Kurdistan is significant because they were a big part of the increase in exports from Iraq. It is prompt supplies and these are large volumes,” Olivier Jakob, analyst at Petromatrix said in a statement to Reuters. 

Similar pipeline disruptions in Nigeria with a spill and maintenance in the UAE also affected oil output. 

 
 
 

With sanctions recently lifted, Iran has produced an extra 200,000 bpd in since December; Saudi Arabia has produced 10.20 billion bpd, consistent with January's numbers, however, it is lower than their best month in June 2015 at 10.56 bpd.

At the moment, OPEC has been surpassing monthly targets every month, yet with oil prices hitting an all time low at $27per barrel Saudi Arabia, Russia, Qatar and Venezuela agreed to freeze January levels, the first such agreement since 2001.

 While Algeria, Ecuador, Oman, Nigeria, Kuwait and the UAE have all said they would join a mutual agreement to freeze oil prices, Iran and Iraq are reluctant to agree to any concrete pacts apart from agreeing for the need to improve the oil market. 

 

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