Exports Of Southern Iraq Heading To Record Highs

BAGHDAD, IRAQ (NINA) - Crude oil exports from southern Iraq hit a new record high this month, bolstering signs that the Organization of the Petroleum Exporting Countries (OPEC), OPEC's second-largest producer, is implementing an OPEC agreement to boost production. According to Reuters "Average oil exports from southern Iraq reached 3.7 million barrels per day (bpd) in the first 19 days of August, up 160,000 barrels per day from July's 3.54 million barrels a day," according to Reuters data. Current monthly standard. The increase comes after OPEC and a number of oil producers outside of the organization agreed in last June to increase supplies after cutting output since 2017 in order to overshadow supply. In July, Iraq recorded the largest increase among the OPEC members involved in the previous cuts. A source said "We have been witnessing a rally at another record level since the beginning of the month," said a second source monitoring cargo traffic. "This month's average exports were at least 3.6 Million barrels per day ", due to the smooth operation in export ports and the absence of factors that can reduce shipments such as bad weather. "The activity is going on as usual, there are no storms, strong winds or anything like that," the source said. Other sources indicate that exports from southern Iraq, the outlet of most of Iraq's crude, rose this month. "The average of these shipments is 3.6 million bpd this month," two oil executives were quoted as saying. Before the OPEC deal in June, Iraq was increasing exports from its southern ports to compensate for the suspension of shipments from Kirkuk in October after Iraqi forces seized control of Kurdish oilfields there. Northern exports also increased in August, averaging about 350,000 bpd since the beginning of the month, according to freight data, up from about 300,000 barrels per day in July, well below the levels recorded in some of the 2017 months that exceeded 500,000 bpd . Last June, OPEC, Russia and a number of non-OPEC producers agreed to return to compliance with 100 per cent of production cuts that began in January 2017. In practice this means an increase of nearly one million barrels per day, according to Saudi Arabia, the largest producer in OPEC, and Iraq has increased production by 100 thousand barrels per day from the previous month in July. / End