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Iraq's Oil Exports Rise to 3.6Mn Barrels Per Day

Iraq's Oil Exports Rise to 3.6Mn Barrels Per Day

Monday, 2 September, 2019 - 11:00
The Zubair oilfield in Basra, Iraq. (Reuters)

Iraq’s crude oil exports have risen to 3.603 million barrels per day (bpd) in August, from 3.566 million bpd in July, the country’s Oil Ministry said in a statement.

Exports from the southern Basra terminals amounted to 3.468 million bpd, up from 3.435 million bpd in July, it added.

According to the statement, shipments from Iraq’s northern Kirkuk oilfields to the Turkish port of Ceyhan averaged 105,000 bpd.

Iraq has resumed oil deliveries to Jordan by trucks, with test loads totaling 3,480 barrels, said Oil Ministry spokesman Asim Jihad.

Volumes are expected to rise gradually to agreed shipments of 10,000 bpd, he added.

Iraq and Jordan have held a new agreement on the trade of oil and goods at a February meeting between their two prime ministers on the Iraqi-Jordanian border.

Trucked exports of oil from Iraq to neighboring Jordan had been halted in 2014 because of deteriorating security in western Iraq.

The average sale price in August was $56.77 a barrel, generating about $6.341 billion in revenue, the Ministry noted.

Iraq is producing below its capacity of nearly five million bpd in line with a production-cutting agreement between OPEC and allies, such as Russia, to support prices.

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