Iraq oil exports reach more than 3 million bpd in July

Iraqi oil exports were high in July, averaging more than 3.202 million barrels per day (bpd), the country’s oil ministry announced on Monday (August 1).
Ministry spokesman Asim Jihad said exports from central and southern fields reached a total of 99,266,184 barrels for the month, generating more than $3.743 billion.
Jihad added the price of a barrel during the month of July averaged more than $37.
Exports rose in July, compared to the previous month, when officials announced levels had reached over 95.260 million barrels.
No exports were transferred to Turkey’s Ceyhan port, where the Kurdistan Regional Government (KRG) exports its oil independent of Baghdad.
The central Iraqi government ceased oil transfers to Ceyhan, citing the KRG’s failure to commit to an oil agreement signed by the two governments in December 2014.
Officials from Baghdad and Erbil signed the revenue sharing deal, under which the KRG would receive 17 percent of the federal budget in exchange for transferring 550,000 barrels of oil per day to SOMO in Ceyhan.
Relations deteriorated between the two sides after Baghdad cut budget payments to the KRG over Erbil’s attempts at selling oil independent of the state oil company SOMO.

 

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