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July oil exports slightly down

Iraq's crude sales receded in July as seasonal demand spikes fueled domestic consumption and quality issues hurt the marketing of Basra Heavy.
Loading arms at the terminal for Iraqi crude exports at the Turkish port of Ceyhan. (STAFF/Iraq Oil Report)

Iraq’s nationwide oil sales dipped by 45,000 barrels per day (bpd) in July, to 3.701 million bpd,* as some crude was diverted from exports to domestic refineries.

Revenues also declined as global oil prices retreated from near-record highs earlier in the year. Baghdad earned $10.608 billion, down from $11.355 billion in June, according to the Oil Ministry, while the KRG's oil sales were worth an estimated $1.237 billion, down from $1.244 billion the prior month, according to an Iraq Oil Report estimate based on export volumes and pricing data.**

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