Iraq to Boost Oil Exports

Iraq to Boost Oil Exports

Iraq's oil exports from its southern ports rose to 3.2 million barrels per day on average in July, up from 3.175 million bpd in June, as the OPEC nation increased crude production, two Iraqi oil officials said on Monday. Output at the state-run Luhais field increased by 10,000 bpd to 90,000 bpd in July. Fields operated by foreign companies in southern Iraq also contributed to the July increase, sources with the knowledge of the matter told Reuters. The southern region produces most of the OPEC member's crude oil. The northern Kurdish Regional Government exports about 500,000 bpd through a pipeline to the Turkish port of Ceyhan, on the Mediterranean, but that is done independent of the central government in Baghdad which oversees crude sales from the south. Iraqi officials and oil analysts expect further growth in the country's exports this year, although at a slower rate than in 2015. Iraq last year boosted production by more than 500,000 bpd, despite spending cuts by companies working at the southern fields and conflict with Islamic State militants.


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