Oil flows out of Iraq suggest that the Middle East country is complying, at least in part, with OPEC’s plan to curb production. Observed shipments in January were 109,000 barrels a day below October’s level, the month used as a baseline for the Organization of Petroleum Exporting Countries’ reductions plan. That indicates that Iraq has implemented around half of the production cut it agreed as part of the accord, assuming flows provide an indication of output. Shipments from OPEC’s second-largest producer fell to 3.805 million barrels a day in January from December’s 4.03 million, tanker-tracking data and port agent reports showed, with the decline mainly reflecting a 6.5 percent drop in flows from the southern port of Basra. “The Iraqis are making the bulk of their cuts at southern fields,” said Robin Mills, chief executive officer of Dubai-based consultant Qamar Energy, who advises clients working in the region. “Most […]