Iraqi Oil Export Increased in July

Iraqi Oil Export Increased in July

Iraq’s oil exports from its southern ports rose to 3.2mb/d on average in July, up from 3.175mb/d in June, as the Arabic nation increased crude production to bring in a $3.744b in oil export revenues, Reuters reported. The state-run Oil Marketing Company added that Iraq marked a rise in overall crude production levels of 4.632mb/d, up from 4.559mb/din June, according to TradeArabia.

Iraqi officials and oil analysts expect further growth in the country’s exports this year, although at a slower rate than in 2015 when the country provided the biggest rise in supply from the Organization of the Petroleum Exporting Countries (OPEC).

Iraq’s crude oil production in July rose to the highest level since January, as the country’s supply slowly gets back on track despite low oil prices and a conflict with Islamic State militants. The output increase materialized even though a pipeline leak prompted a brief suspension of loadings at two of the Iraqi southern terminals, which have been repaired.


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