Iraq's Oil Exports Average 2.76 mbpd in July

Iraq's Oil Exports Average 2.76 mbpd in JulyIraq's Oil Exports Average 2.76 mbpd in July

Iraq’s total oil exports for July averaged 2.763 million barrels per day, the oil ministry said in a statement.
The exports included 2.668 million bpd from its southern Basra oilfields, it said, adding that total exports generated $3.487 billion of revenue. The oil price per barrel averaged $40.70, Reuters reported.
Iraq which relies almost entirely on oil for state revenue has been hit hard by low oil prices during the coronavirus crisis and has cut exports in line with OPEC production cuts.
The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, began a record supply cut in May to bolster oil prices hammered by the coronavirus crisis. Iraq is cutting output by 1.06 million bpd under the deal.
The July figures imply Iraq is still some way from fulfilling its pledges and is exporting far more than a July loading program indicated.
Iraq had told OPEC+ it would make up for over-production in May and June through larger cuts in later months. In June, Iraq delivered about 88% of its cut. 

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