KRG oil exports continue to decline

Oil exports from the Kurdistan Regional Government (KRG) via the Turkish Mediterranean port of Ceyhan were still flowing at sharply reduced rates on Saturday and Sunday, two shipping sources told Reuters.

Flows were fluctuating at between 200,000 and 250,000 barrels per day versus normal flows of around 600,000 bpd.

Exports have dropped from Wednesday last week when Iraqi military forces took over the Kirkuk area from Peshmerga forces, resulting in a sharp drop in output from nearby fields.

Iraqi oil ministry officials have said they were hoping to bring output back to normal by Sunday but it has not happened yet, one of the sources said.