Iraq’s Oil Exports Trend Lower

Iraq’s Oil Exports Trend Lower

Iraq’s oil exports from its southern ports have declined so far this month. During the first two weeks of August, Iraq exported an average of 3.15 million barrels per day (b/d), an 80,000 b/d (2.5%) decline from July, according to Reuters.

Some expressed skepticism, unsure that Iraq is actually reducing shipments.

“Southern exports are expected to at least stay the same level as July, looking at the first couple weeks so far, unless there is bad weather,” an industry source told Reuters. “But exports from the north will be lower.”

Iraq’s exports slipped slightly in July.

Iraq has consistently fallen short of its commitments under January’s production-cut agreement between OPEC and other major oil producers.

Earlier this month, Iraq met with representatives of Kuwait, Russia, and Saudi Arabia in Abu Dhabi to discuss its non-compliance. During the meeting, it reaffirmed its commitment to the agreement.

Iraqi officials have expressed discomfort with the monitoring system and argue that it should be measured by exports, not production, Reuters reports.


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