Iraq’s Oil Exports Rise 1.3% in July

Sunday, 4th August 2019
by Editorial Team

Umm Qasr, IRAQ: A ship is connected to the Basra Oil Terminal twelve nautical miles off the Iraqi coast in the waters of the Northern Arabian Gulf close to the port town of Umm Qasr 08 August 2006. The terminal is the main source of Iraq’s revenues, a key supplier to the global energy market and an obvious target for insurgents aiming to thwart the country’s economic recovery. AFP PHOTO/POOL/THAIER AL-SUDANI (Photo credit should read THAIER AL-SUDANI/AFP/Getty Images)

The Iraqi Ministry of Oil announced that oil exports rose from 3.52 million barrels per day (b/d) to 3.566 million b/d in July, Reuters reported.

During July, selling price averaged $61.156 per barrel, with total revenues reaching $6.76 billion.

Exports from the southern Basra oilfields reached 3.435 million b/d, up from 3.39 million b/d in June, while shipments from Iraq’s northern Kirkuk oilfields to the Turkish port of Ceyhan averaged 101,000 b/d.

Iraq’s production remains below its the allowed quota of nearly 5 million b/d, as per the agreement sponsored by the Organization of the Petroleum Exporting Countries (OPEC).

In June, OPEC’s crude output fell to a new five-year low, reaching 29.6 million b/d, down by 170,000 b/d compared with May, recording its lowest level since April 2014.