Iraq's oil exports from its southern ports rose to 3.2 million barrels per day (bpd) on average in July, up from 3.175 million bpd in June, as the OPEC nation increased crude production, Iraqi oil officials said.
Output at the Luhais field, operated by state-run South Oil Company, increased by 10,000 bpd to 90,000 bpd in July, according to a company official.
Iraq’s oil exports have increased to 3.2 million barrels per day from 3.175 in June. This is mainly due to increased production at Luhais field operated by Iraqi owned South Oil Company which saw an increase of 10,000 bpd, to 90,000 bpd. Foreign operators also contributed to this rise in July adding to the Opec producing nation’s increase.
Although the southern region in Iraq produces most of the crude exported through the country, the northern Kurdish region exports 500,000,bpd through Turkey’s Ceyhan Port on the Mediterranean, independently from Baghdad.
Iraq’s revenue for July’s exports was US$3.744 billion and produced an average of 3.202 million bpd. Analysts now expect growth in Iraq’s exports, even though it will be slower than 2015, it still had the fastest growth in OPEC.