Iraq’s crude oil exports reach six-month high

Oil

Iraq’s crude oil exports increased by 70K b/d m-o-m and 460K b/d y-o-y to a six-month high of 3.44M b/d in August, bolstered by loadings from the Southern port of Basrah which rose by 120K b/d m-o-m to 3M b/d, Energy Intelligence reports. Shipments of Kurdish and Kirkuk crude via the Turkish port of Ceyhan declined by 50K b/d m-o-m to 420K b/d however.

Despite crude oil production reaching the highest level in fifteen-months at 4.01M b/d in August, Iraq’s output remained around 53K b/d below its OPEC+ target as ongoing refinery and infrastructure issues limited the country’s ability to increase output.