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Southern Oil Exports Expected To Reach Record High For August

Shipping data indicates exports above record levels set in July

According to industry sources, Southern oil exports in Iraq are on target to reach a record high for August, demonstrating the country's ability to increase production as per the recent OPEC agreement for output rises.

According to shipping data, Southern Iraq exports have averaged 3.7 million barrels per day (bpd) for the first 19 days of August, a 160,000 bpd rise on the existing record figures from July.

As OPEC's second largest producer, Iraq generated the largest output increase within the member states for July, following June's pact to increase supply

Northern exports are also reported to have increased this month in Iraq, with as estimated average production of 350,000 bpd according to shipping data. This is a significant rise on July production levels of around 300,000 bpd but still significantly less than output rates of over 500,000 bpd which were achieved in some months of 2017.

Source: Reuters

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