Iraq’s southern oil exports hit monthly record

Some companies working in Iraqi oilfields increased production following the move. (Shutterstock)

Iraq's southern oil exports rose in July to a record average of 3.064 million barrels per day (bpd) from 3.02 million in June, officials from the state-run South Oil CO. said on Saturday.

Shipments have jumped after Iraq's decision to split crude stream into two grades, Basra Heavy and Basra Light, to resolve quality issues.

Some companies working in Iraqi oilfields increased production following the move.

Exports from Iraq's north via Ceyhan in Turkey averaged only 40,000 barrels bpd, bringing the nationwide total exports to 3.104 million bpd, the oil ministry said in a statement on Saturday.

Iraq shipped 3.187 million bpd in June, including 164,000 bpd from the north.

Iraq's semi-autonomous Kurdistan region has ramped up independent oil sales since mid-June while cutting allocations to Iraq's state oil firm SOMO in an escalating dispute over export rights and budget payments.

Revenues from Iraq's July sales reached $4.908 billion and were sold at $50.9 per barrel.
 

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Last Update: Wednesday, 20 May 2020 KSA 09:46 - GMT 06:46
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