Iraq’s oil exports are to witness a boost in July following two months of slump. Supply growth of OPEC’s second largest producer has slowed down this year due to technical problems as well as high domestic consumption, which limited potential export volumes, Al Arabiya reported. Loading data and industry sources reveal that exports from south Iraq will rise from 3.18mb/d in June reaching around 3.28mb/d in July, according to Reuters.
Despite a pipeline leak in mid July that induced a 12-day loading delays to cargoes from two of the southern terminals, exports did not witness a sharp decline, according to an industry source, who added that cargoes “have an incentive to try to catch up on the delays.”
The southern area produces most of Iraq’s oil output. However, northern shipments of crude from fields in the semi-autonomous Kurdistan region have risen from 514,000 b/d in June to 550,000 b/d so far in July.
Iraq’s oil and gas industry has been threatened by Daesh militants, prompting the country to advance into ISIS-controlled areas and retake major gas refineries.