Iraqi output increased significantly in June; OPEC says Iraq has pledged to start compensating for overproduction starting in July.

High global prices are helping to offset the revenue impact of lower export volumes constrained by OPEC-plus pressure.

Nationwide crude output is far below developed capacity due to the ongoing northern pipeline outage, southern infrastructure constraints, and — most acutely — quota pressure from OPEC-plus.

Exports declined by about 60,000 bpd as Iraq continues to move toward compliance with recently extended OPEC-plus production caps.

China's CNCEC has signed a contract for the 300,000 bpd refinery. The total price could rise to $20 billion with the construction of a petrochemical plant and power plant.

April output in federal Iraq dropped by 100,000 bpd, with cuts coming mostly from state-run fields in Basra.

Iraq's Oil Ministry has now awarded 13 new projects across three days of bidding in the five-plus and sixth licensing rounds.

Ten of the 12 projects awarded so far in Iraq's latest oil and gas contracting process have gone to Chinese companies, with one more day of bidding expected Monday.