Iraq increases oil exports in July

Iraq has increased oil exports so far in July. According to an average of data from Refinitiv Eikon and two industry sources, exports from the south of the country in the first 20 days of the month were on average 2.70 million barrels per day (bpd). In addition, according to data from ships and industry sources, there was also an increase in exports from the north. So far, the region's exports are at least 450,000 bpd, up from 370,000 bpd in June.

It is noteworthy that the Organization of Petroleum Exporting Countries and its allies (OPEC+), began a record supply cut from May to boost oil prices impacted by the pandemic, and according to the agreement, Iraq should cut production by 1.06 million bpd. 

However, the increase in exports suggests that the country is still above its targets and that it is not meeting the level of cuts it has committed to. Iraq told OPEC+ that it would compensate for overproduction in May and June through larger cuts in the following months.


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