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Iraq oil exports will continue to rise to record high

Iraq is increasing oil exports in two directions. The first is in the Shiite south, where companies such as BP and Royal Dutch Shell work.

In June Iraq are planning to increase its crude exports to 3.75 million barrels per day which will be a new record high.

Its part of an overall OPEC strategy to increase crude output to protect their market share and decrease oil prices, in an attempt to divert investors from using US shale gas. 

OPEC nations are scheduled to meet on June 5 and are expected to confirm current output levels - about 30 million barrels per day - and this is unlikely to be cut  in the near future.

Iraq is increasing oil exports in two directions. The first is in the Shiite south, where companies such as BP and Royal Dutch Shell work. The second is Nothern Iraqi Kurdistan, whose government last year received Baghdad's consent to independent oil deliveries. 

Oil prices dropped by about 50 percent in the second half of 2014, but have gone up to $60-65 per barrel since the beginning of 2015.  In the last meeting in November 2014, OPEC decided to not cut output and this will likely continue going forward. 

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