Iraq will reduce the amount of crude oil it exports via its largest port terminal in Basra to 3.013 million bpd next month, according to loading data seen by Reuters. This is the lowest daily figure since last August. The Basra light blend will account for 2.21 million bpd of total Basra exports. This may be a signal that Iraq is working to improve its compliance with the November 30 production cut agreement struck by OPEC’s members in a bid to prop up crude prices. As of end-January, Iraq was still producing 130,000 bpd above its quota. In a string of mixed signals, however, last week, the state-owned South Oil Company, which operates the Basra terminal, said it would stop operations for 24 hours because of the installation of a new feed-in pipeline: the terminal’s loading capacity currently stands at 1.8 million bpd. In January, the South Oil Company […]