Iraq sees slight spike in oil exports in July
OPEC’s second largest producer sees a 200,000 bpd lift in its oil exports.
Iraq’s Oil Ministry has reported that it exported 3.5mn barrels per day (bpd) of crude oil from its southern ports last month, a little above the June average, according to Reuters.
By comparison, Iraq exported around 200,000 fewer bpd of crude oil in June.
A ministry statement cited by the news agency revealed that all the volumes shipped in July came from the southern fields, while there were no exports last month from the Kirkuk fields, located in northern Iraq but under the control of Baghdad.
The average sale price in July was $69.2 per barrel, generating approximately $7.6bn in revenue, the statement said.
July’s increased shipments came against a backdrop of public protest in the southern region due to poor public services and corruption. Iraq’s oil officials said the instability had had no effect on oil output from the southern fields.
The overwhelming majority of Iraq’s oil is exported via its southern terminals, which account for more than 95% of state revenues.
Iraq’s overall production is approaching 4.5mn bpd and it is the second biggest producer in the Organisation of the Petroleum Exporting Countries (OPEC).