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Iraq Oil Exports Stand at 3.4 Mln bpd in Sep

Iraqi flag in front of an oil field. (AFP)
Iraqi flag in front of an oil field. (AFP)
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Iraq Oil Exports Stand at 3.4 Mln bpd in Sep

Iraqi flag in front of an oil field. (AFP)
Iraqi flag in front of an oil field. (AFP)

Iraq exported 103,143,199 million barrels of crude oil in September, generating 9.5 billion US dollars in revenue, the country's Oil Ministry announced on Sunday.

The average price of Iraqi crude oil in Sep. was 92.05 dollars per barrel, the ministry said in a statement, citing statistics from the State Organization for Marketing of Oil (SOMO), an Iraqi company.

The average of exported quantities stood at 3,438,000 bpd in September.

The crude oil barrels were exported from oil fields in central and southern Iraq to neighboring Jordan during the month.

Iraqi oil exports from Kirkuk and the Kurdistan region through the Kirkuk–Ceyhan Oil Pipeline remained suspended since the end of March upon a decision by the Turkish authority after an international court decided that SOMO is the only entity authorized to manage export operations through the Turkish port of Ceyhan.

Iraqi Prime Minister Mohammed Shia al-Sudani stressed Sunday the necessity of completing expansion and maintenance projects for Iraqi oil ports.

During a meeting to follow up on projects and plans for developing the oil sector, Sudani stressed the importance of completing gas projects and expanding investment in Iraqi fields producing natural gas, for the purpose of supplying power stations and national fertilizer-producing factories with their gas needs.

The Iraqi PM further underscored the necessity of completing the refinery projects as quickly as possible, in order to reach self-sufficiency in oil derivatives and fuel.

Iraq’s Oil Ministry announced last week the increase in production capacity at the Karbala refinery to 140,000 bpd.

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China's Industrial Profits Narrow Decline but 2024 Likely Worst Year in Decades

An employee works at a carbon fibre production line inside a factory in Lianyungang, Jiangsu province, China October 27, 2018. REUTERS/Stringer
An employee works at a carbon fibre production line inside a factory in Lianyungang, Jiangsu province, China October 27, 2018. REUTERS/Stringer
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China's Industrial Profits Narrow Decline but 2024 Likely Worst Year in Decades

An employee works at a carbon fibre production line inside a factory in Lianyungang, Jiangsu province, China October 27, 2018. REUTERS/Stringer
An employee works at a carbon fibre production line inside a factory in Lianyungang, Jiangsu province, China October 27, 2018. REUTERS/Stringer

China's industrial profits fell at a slower clip in November, official data showed on Friday, but the annual decline in earnings this year is expected to be the worst in over two decades due to persistently soft domestic consumption.

The world's second-largest economy has been struggling to mount a strong post-pandemic revival, as business and household appetites for spending and investment remain subdued amid a prolonged housing downturn and fresh trade risks from the incoming US administration of President-elect Donald Trump.

Industrial profits fell 7.3% in November from the same month last year, following a 10% drop in October, National Bureau of Statistics (NBS) data showed, Reuters reported.

The narrower decline in November pointed to improved profits as recent economic stimulus measures start to have an effect, said Zhou Maohua, a macroeconomic researcher at China Everbright Bank.

The profit numbers were also in line with a slower decline in factory-gate prices in November. The producer price index fell 2.5% year-on-year versus the 2.9% drop in October.

The World Bank on Thursday revised up its 2024 economic growth forecast for China slightly to 4.9% from its June forecast of 4.8%.

Still, in the first 11 months of 2024, industrial profits declined 4.7%, deepening a 4.3% slide in the January-October period, reflecting still tepid private demand in the Chinese economy.

China's full-year industrial profits are set to show their biggest drop in percentage terms since 2011. However, when smaller companies are included under a previous compilation methodology, this year's profit decline is expected to the worst since at least 2000.

A spate of economic indicators released this month pointed to mixed results, with industrial output accelerating in November while new home prices fell at the slowest pace in 17 months.

The industrial sector is undergoing an uneven recovery amid insufficient demand, Zhou said, pointing to difficulties facing real estate and some related industries as evidence of this malaise.

China's leaders vowed in a key policy meeting this month to raise the deficit, issue more debt and loosen monetary policy to maintain a stable economic growth rate. The government also recently pledged to step up direct fiscal support to consumers and boosting social security.

Beijing has agreed to issue a record $411 billion special treasury bonds next year, Reuters reported.

Profits at state-owned firms fell 8.4% in the first 11 months, foreign firms posted a 0.8% decline and private-sector companies recorded a 1% fall, according to a breakdown of the NBS data.

Industrial profit numbers cover firms with annual revenues of at least 20 million yuan ($2.7 million) from their main operations.