Iraq Exports 592m Barrels of Oil in 1H 2017

Iraq Exports 592m Barrels of Oil in 1H 2017

Iraq exported more than 592m barrels of oil since January, according to the Oil Marketing Company SOMO, one of the most important companies in the country’s oil sector. Iraqi daily exportation rate during the first half of 2017 reached 3.290m barrels of oil, and monthly rate reached 98.729m barrels, Iraqi News informed.

In addition, SOMO mentioned that the exports brought revenues up to $26.771m since January, recording monthly revenues of $4.592m. Iraqi output reached 4.4mb/d in June, marking a cut of 170,000b/d.

Iraq hopes production cuts are extended for nine extra months to overcome the global oil glut and help adjust oil prices, according to a spokesperson of the Iraqi Cabinet, Saad al-Hadithi. He added that the slashed production since the Orgazination of the Petroleum Exporting Countries (OPEC) signed the production cut agreement in 2016 has helped improve oil revenues, especially for exporting companies. In the light of the deal, Iraq agreed to reduce production by 210,000b/d.

From his side, Iraqi Oil Minister, Jabar al-Luaibi, mentioned that he would wait for the outcome of OPEC’s upcoming committee meeting before giving any comments on whether or not the group of producers needs to extend cutting crude oil production, Reuters informed.

“Iraq is a country that maybe in our life, or after our life, (will) definitely have reserves that will be equal to Saudi Arabia,” Luaibi said.

“Why should Iraq be deprived from increasing its production? Not to disturb or disrupt OPEC at all, or the prices, but it is our right to have our production that corresponds to our reserves,” he added.

Mahinaz El-Baz 312 Posts

Mahinaz El Baz received her MSc degree in Foreign Trade Economics from Helwan University in 2016. She has two years of experience in journalism and four years of experiance in economic analysis. She received the "Best Economic Article Award" in 2016 from CFA Society Egypt.

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