Oil Exports in the South of Iraq are on course for a record high in October. Currently exports are at 3.1 million (Barrels Per Day) BPD from the South of the country.
However, with the increase in production isn't going to help with the oil price, as there is already a daily surplus of oil and this is just going to add to the oversupply on the market.
Export from Iraq have increased after Iraq's decision to split the crude stream into two grades, Basra Heavy and Basra Light, to resolve quality issues.
Which in turn has allowed companies to increase production working in fields in Basra, however, they are still behind the target figure of 3.68 million bpd.
Export figures in the North of Iraq look to be around 510,000 BPD, which is down from the 600,000 BPD oil exported in September, even though exports shipments have steadily increased via the pipeline to Ceyhan in Turkey.
Therefore despite the good news in the South of Iraq, it still doesn't look like a record month because of what is happening in the North of the Country.