Iraq Set to Raise Oil Exports

Iraq sees a need to increase crude exports and says it is set to ship more as soon as OPEC agrees how members will share a collective supply boost, according to the acting director general of the state-run Oil Marketing Company. Exports will be close to 3.59 million barrels per day this month, Alaa Al-Yasiri also said in an interview in Baghdad, World Oil reported. That would be a record, he said, up from 3.54 million bpd in July. The Organization of Petroleum Exporting Countries and allies agreed two months ago to increase oil production, with Saudi Arabia and Russia saying about 1 million bpd will be added to the market. But they did not detail how the production increase would be split between OPEC and non-OPEC nations. A committee of OPEC and allies is scheduled to meet in Algeria next month to discuss allocations. “If decisions are made that the market is in need of [higher] quantities, then Iraq will have the ability to rise,” Al-Yasiri said.