Iraqi Oil Production Hits Highest Level since 2017

Iraqi Oil Production Hits Highest Level since 2017

Iraq’s crude oil production increased to 4.62 million per day (b/d) in July, as shown by the data of the State Oil Marketing Organization (SOMO), S&P Global reported.

This the highest monthly figure for Iraqi oil output since January 2017. Iraqi production rose to this record level in July after registering an average 4.60 million b/d for two consecutive months.

On the other hand, exports increased to 4.002 million b/d in July, up from 3.955 million b/d in June, including exports from the Kurdish Region of Iraq (KRI). KRI has shipped 436,000 b/d in July, compared with 435,000 b/d and 513,000 b/d in June and May, respectively.

During the last seven months, this has been the sixth monthly production level by Iraq that is not compliant with the current output cut agreement, sponsored by the Organization of the Petroleum Exporting Countries (OPEC), which sets Iraq’s quota at 4.512 million b/d.

Iraq has pledged to cut oil production by 140,000 b/d from its October output baseline under the OPEC deal.

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