Oil sales hit a 20-month high as Iraq increased export volumes and opened up a new revenue stream with jet fuel exports.

As the OPEC-plus coalition prepares to loosen its quotas further, Iraqi production has risen to its highest monthly average since April 2020.

Genel Energy says it will dispute the notice to end production sharing contracts at Bina Bawi and Miran.

With OPEC-plus pressure easing, Iraq increased exports slightly in July while higher oil prices drove monthly revenues to a 19-month high.

The unexpected directive could spur progress toward ending the wasteful and environmentally damaging practice of flaring, but it also raises concerns for oil companies.

June output averaged 4.05 million bpd. Iraq will have further leeway to increase production under a breakthrough deal recently agreed by the OPEC-plus group.

Despite legislative delays to full implementation, Iraq's government has approved the next steps to a new national oil company.

Nationwide exports declined slightly to 3.318 million bpd as Iraq faces OPEC-plus expectations to limit output to compensate for past overproduction.