Iraq Exported Most Crude Oil Since November 2016 This Month

Iraq sold 3.84 million barrels a day of crude on average in June and pumped 4.5 million barrels a day that month, according to data compiled by Bloomberg.

OILMONSTER.COM- Iraq exported oil at the fastest pace in nearly two years during the first half of July, indicating OPEC’s second-largest producer is pumping more after the group eased production limits.

Crude shipments during the first two weeks of the month were 4.05 million barrels a day, the highest since November 2016, according to tanker tracking and port agents data compiled by Bloomberg. That’s 6 percent higher than the full month of June. Preliminary tanker tracking data is subject to change because shipments can be delayed and the average for a full month can be higher or lower.

The Organization of Petroleum Exporting Countries and allied producers agreed last month to ease production cuts to ensure sufficient supply to markets, starting in July. Saudi Arabia, the world’s largest exporter, and Russia said that OPEC and partners would increase output by about 1 million barrels a day. They had been curtailing output since the start of 2017 to help curb a global glut. Brent crude recovered from below $30 a barrel in 2016 to $80.50 a barrel in May this year.

Iraq sold 3.84 million barrels a day of crude on average in June and pumped 4.5 million barrels a day that month, according to data compiled by Bloomberg. That would indicate domestic refinery demand of about 650,000 barrels a day. If Iraq maintains exports at the same level for all of July and domestic crude use remains consistent with June, the country would pump about 4.7 million barrels a day in July. That would be the highest monthly production ever, according to data compiled by Bloomberg.

 Courtesy: www.bloomberg.com