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Iraq's crude oil production increased in August.

Iraq oil exports from southern ports rise

BASRA, September 1, 2016

Iraq's oil exports from the southern ports rose to 3.230 million barrels per day (bpd) in August, from 3.202 million bpd in July, as crude production increased, two sources at state-run South Oil Company said on Thursday.

The West Qurna 1 field, developed by Exxon Mobil, and South Oil's Luhais and Artawi fields contributed most to the increase, they said.

Iraq, Opec's second-largest producer after Saudi Arabia, exports most of its crude from the southern fields. Increased supply is adding to a global glut of crude, putting pressure on oil prices.

Opec's oil output is likely in August to reach its highest in recent history, a Reuters survey found on Wednesday, as extra barrels from Saudi Arabia and other Gulf members make up for losses in Nigeria and Libya.

The gains could add to scepticism about renewed Opec talk of freezing output to support prices.

Exports from Iraq southern ports reached a record 3.37 million bpd in November last year, but was the result of an accumulation of crude that could not be exported in the previous month.

Iraq also exports oil through a pipeline to a Turkish Mediterranean port, carrying crude produced in the northern Kurdish autonomous region and from the Kirkuk field operated by Iraqi state-run North Oil Co.

A dispute between Baghdad and the Kurdistan Regional Government (KRG) over oil revenue sharing is restraining the exports from Kirkuk.

North Oil resumed pumping in the pipeline to Turkey two weeks ago, after a five-month halt, but at a reduced rate.

Total Iraqi production, including output from the Kurdish region, averaged 4.6 million bpd in July. The KRG exported about 460,000 bpd last month and it is yet to announce the figures for August. - Reuters




Tags: Oil | Exports | Iraq |

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