Bad weather at southern export terminals disrupted tanker loadings and forced shut-ins at oil fields, but spare capacity is ready to come online as OPEC quotas rise. Iraq’s federal government and Kurdistan region produced a combined 4.32 million bpd of crude oil in January * as output slipped due to bad weather at southern terminals that delayed tanker loadings and forced production shut-ins at major southern oil fields. The decline from December output of 4.49 million bpd came despite the country’s higher OPEC-plus quota for the month. The revenue impact was mitigated by rising global oil prices, however, which pushed export sales to their highest level in a decade,