Iraq’s November oil exports averaged 3.37 million barrels per day, up from 2.7 million bpd in October and the highest they have been in decades, Reuters reported Dec. 1. However, officials from the state-run South Oil Company expect output to drop in December and attributed the jump in November’s exports to large amounts of crude forced into storage by inclement weather the month before. Iraq’s impressive November numbers helped push total OPEC oil output to 31.77 million bpd, up from 31.64 million bpd in October. OPEC countries are set to meet Dec. 4 but are not expected to make changes to a policy that has led to persistent oversupply amid competition over market share . Stratfor provides global awareness and guidance to individuals, governments and businesses around the world. We use a unique, intel-based approach to analyze world affairs. Copyright © 2015 Stratfor Global Intelligence, All rights reserved. Our […]