LONDON: Oil exports from southern Iraq have risen by 150,000 barrels per day (bpd) this month to close to a record high, according to shipping data and an industry source, as OPEC’s second-largest producer seeks to offset a shortfall from the north.
Southern Iraqi exports in the first 20 days of November averaged about 3.50 million bpd, up 150,000 bpd from October, according to shipping data tracked by Reuters and independent tracking by an industry source.
The increase follows a decline in output in northern Iraq since mid-October, when Iraqi forces took back control of fields from Kurdish fighters. Iraq has said southern exports would rise to make up the shortfall, although some in the industry were skeptical this would be possible.
“It seems they managed to get there,” the industry source who tracks Iraq’s exports said.
The rise brings southern exports within a whisker of the record high of 3.51 million bpd seen in December 2016, the last month before an output cut agreement led by the Organization of the Petroleum Exporting Countries took effect.
The increase this month, though, has not entirely offset the drop in shipments from the north.
Northern exports have averaged about 250,000 bpd so far in November, according to shipping data and the industry source, down from an estimated 450,000 bpd in October and levels of more than 500,000 bpd in earlier months this year.
The drop in supplies from Iraq comes as OPEC, Russia and other producers are cutting output by about 1.8 million bpd until March 2018 in an effort to get rid of a glut and support prices.
Iraq has adhered less to the supply deal with non-OPEC producers than OPEC peers such as Saudi Arabia and Kuwait, but the drop in Kirkuk output helped to boost Iraqi and overall compliance with the deal.
The bulk of Iraq’s oil is exported via the southern terminals. Smaller amounts are shipped from the Kirkuk fields in northern Iraq via Ceyhan in Turkey.
Iraq’s southern oil exports rise to near record in November
Iraq’s southern oil exports rise to near record in November
Egypt-born Dina Powell McCormick appointed Meta president and vice chairman
- The former Goldman Sachs partner and White House official previously served on Meta’s board of directors
- Powell McCormick, who was born in Cairo and moved to the US as a child, joins the management team and will help guide overall strategy and execution
LONDON: Meta has appointed Egypt-born Dina Powell McCormick as its new president and vice chairman.
The company said on Monday that the former Goldman Sachs partner and White House official, who previously served on Meta’s board of directors, is stepping up into a senior leadership role as the company accelerates its push into artificial intelligence and global infrastructure.
Powell McCormick, who was born in Cairo and moved to the US as a young girl, will join the management team and help guide its overall strategy and execution. She will work closely with Meta’s Compute and infrastructure teams, the company said, overseeing multi-billion-dollar investments in data centers, energy systems and global connectivity, while building new strategic capital partnerships.
“Dina’s experience at the highest levels of global finance, combined with her deep relationships around the world, makes her uniquely suited to help Meta manage this next phase of growth as the company’s president and vice chairman,” Meta founder and CEO Mark Zuckerberg said.
Powell McCormick has more than 25 years of experience in finance, national security and economic development. She spent 16 years as a partner at Goldman Sachs in senior leadership roles, and served two US presidents, including stints as deputy national security adviser to Donald Trump, and a senior State Department official under George W. Bush.
Most recently, she was vice chair and president of global client services at merchant bank BDT & MSD Partners.
