Oil price recovery boosts Iraq’s June export earnings above $6 billion

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

A worker with the Basra Gas Company (BGC), a consortium of the state-run South Gas Company (SGC), Royal Dutch Shell, and Mitsubishi, inspects a project site in June 2021. (Photo credit: Oil Ministry)
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Published Friday, July 2nd, 2021

Iraq’s nationwide oil exports in June averaged 3.318 million barrels per day (bpd), marginally below May exports of 3.336 million bpd with slight reductions for both federal government and Kurdistan Regional Government (KRG) oil sales.* But higher global oil prices boosted federal revenues from oil sales by $224 million on the month.

Federal exports averaged 2.892 million bpd in June, down from 2.899 million bpd in May, according to monthly data supplied by the Oil Ministry. Loadings from export outlets in the Basra Gulf averaged 2.790 million bpd, and federal exports via the northern pipeline route to Turkey’s Mediterranean terminal at Ceyhan averaged 103,000 bpd.

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