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SOMO Oil Output Fell In June Due To Tighter Quota Compliance

SOMO's total oil production for the month of June fell to 3.862 million bpd due to tighter compliance to OPEC+ quota.

Iraq's total oil production, including those from the semi-autonomous Kurdistan region, slightly fell in June as a result of tighter compliance to OPEC+ quota.

Total production fell to 3.862 million barrels per day (bpd) in June which was a bit lower than the previous month's 3.879 million bpd. As the Kurdish output fell by 2.6% to 441,000 bpd, Federal production seemed to remain steady at 3.42 million bpd. 

The country's total exports decreased by 0.5% to 3.32 million bpd in June compared to the previous month. Federal exports were also nearly steady at 2.89 million bpd as the Kurdish volume went down by 2.4% to 427,700 bpd.

Domestic consumption rose by 25% to 607,000 bpd. Included in this figure are the direct crude burn and refinery runs. The rise in crude burn has been linked to the hot summer months of which the region is known for as locals turn to their air-conditioning to combat the heat. 

In other news

China's state-run CNCEC has been chosen by Iraq to build an oil refinery at the port of Fao on the Gulf. This refinery will have a 300,000  barrel-per-day capacity and will include a petrochemical plant according to the state ministry.

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