• 4 mintues Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 7 minutes Forecasts for oil stocks.
  • 9 minutes Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 13 minutes European gas market to 2040 according to Platts Analitics
  • 7 hours Simple question: What is the expected impact in electricity Demand when EV deployment exceeds 10%
  • 15 hours Biden about to face first real test. Russia building up military on Ukraine border.
  • 1 day Trump punches back at Fauci and Birx's revisionist history (aka lies)
  • 28 mins America's pandemic dead deserve accountability after Birx disclosure
  • 3 days The coming Cyber Attack
  • 48 mins U.S. and Chinese investors to buy Saudi pipelines , $10 Billion deal.
  • 12 hours Create a new law "Postericide" to prosecute and imprison Climate Change "Deniers"
  • 1 day New Chinese Coal Plants Equal All those in U.S.A
  • 2 days Goldman Betting on Cryptocurrencies
  • 4 days New German Study Shocks Electric Cars: “Considerably” Worse For Climate Than Diesel Cars, Up To 25% More CO2
  • 5 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 5 days Forecasts for Natural Gas

Iraq’s Crude Oil Exports Drop In August

Iraq’s crude oil exports fell in August compared to July, as OPEC’s second-largest producer is reducing supply in an attempt to comply with the OPEC+ production cut pact, which it had largely disregarded in previous deals.

Iraq’s crude oil exports in August averaged 2.597 million barrels per day (bpd), down from the previous month, according to early estimates from Iraq’s State Oil Marketing Organization (SOMO) received by the Shafaq News agency.

In July, Iraq’s total crude oil exports stood at 2.763 million bpd, oil ministry data showed.

In August, Iraq’s crude oil exports of 2.597 million bpd included 2.5 million bpd of exports from the southern oil ports at Basra and another 97,000 bpd of oil exports from Iraq’s northern oilfields through the Turkish port of Ceyhan, SOMO said today.

The average price per barrel of exported Iraqi oil was $43.693.

Iraq’s revenues from its oil exports in August—oil income being the majority of Iraqi budget revenues—were at US$3.517 billion, Iraq’s oil marketing company said.

Oil revenues are critical to Iraq’s budget income, but in recent months OPEC’s second-largest oil producer has come under pressure from its fellow OPEC+ partners led by Saudi Arabia to stop cheating on their production quotas and finally start complying with the OPEC+ agreement.

Iraq promised additional cuts of around 400,000 bpd in August in order to compensate for the lack of compliance with the OPEC+ deal in the previous months.

Iraq, which has been the least compliant member of the OPEC+ production cut pact since it was first launched in January 2017, has been promising for months that it would reduce its oil production and fall in line with its quota—something it hasn’t done since 2017.

Despite the pledges and the reduced exports, Iraq has yet to comply with the production cut deal.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News