Iraqi Oil Exports Set New Record In June; Southern Volumes Top 3Mn B/D

Official Iraqi oil exports hit a new record of 3.187mn b/d in June with southern volumes topping 3mn b/d for the first time. But northern exports from the Turkish Mediterranean port of Ceyhan fell sharply after the Kurdistan Regional Government (KRG) slashed volumes of its own crude handed over to Baghdad-controlled state marketer Somo.

Provisional data from the Iraqi Oil Ministry on 1 July indicated record southern exports of 90.669mn barrels (3.022mn b/d) versus 83.5mn barrels (2.694mn b/d) in May. But northern exports slumped from 14mn barrels (451,613 b/d) in May to just 4.942mn barrels (164,733 b/d) last month, a sharp decline that reflects higher volumes being exported by the KRG for its own account. The number is far below the 300,000 b/d of northern exports that the KRG had agreed to export via its pipeline to Ceyhan under a December accord that appears to be faltering (see p6).


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