Iraq’s southern oil exports to help country reach record-high month: Sources

ERBIL (Kurdistan 24) – Iraq’s southern oil exports are heading for a record-high month of production following the country’s deal to increase supply to international markets, two sources told Reuters on Thursday.

In the first 19 days of this month, southern Iraqi oil exports averaged 3.6 million barrels per day (bpd), according to ship-tracking data compiled by an industry source. Exports are up 20,000 bps from August’s 3.58 million bpd.

The rise comes as OPEC members and allied producers in June agreed to increase output after they curbed supplies since 2017 to eliminate a surplus and manage prices.

In August, Iraq increased its supply as shipments from Iran dropped due to renewed economic sanctions by the US.

Another industry source that tracks shipments also told Reuters that exports in September had averaged 3.6 million bpd despite the unrest in Iraq’s oil hub city of Basra, which shows no disruption in the oil flow to abroad.

“There were fears that the protests would get to the terminal,” this source said. “But so far, there is no impact.”

Since July 9, people in Basra have staged a number of protests, which later spread to other Iraqi cities, demanding better public services, clean water, regular electricity supply, employment, and an end to widespread corruption in Iraqi government institutions.

Editing by Nadia Riva