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.