Oil exports rebound past 1.5 million bpd, but fiscal crisis persists

Export volumes doubled from June to July, and August is running higher still — yet revenues remain billions of dollars short of monthly spending needs.
A worker from Iraq's state-run Oil Pipelines Company repairs part of a pipeline in Babel province carrying oil products from the Shuaiba refinery in Basra, in February 2026. (Photo credit: Oil Pipelines Company)
Staff of Iraq Oil Report
Friday, August 14th, 2026

Iraq's oil production and exports made a significant recovery in July, even as they remain far below the levels needed to alleviate the government's fiscal crisis.

Exports increased to just over 1.5 million barrels per day (bpd) in July, up from 730,000 bpd in June, driven by a rising pace of tanker loadings at Basra Gulf outlets, according to an Iraq Oil Report analysis of shipping data from both southern Iraq and Turkey's Ceyhan port.

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