Figures released this week from Iraq’s Oil Ministry show federal Iraq crude exports rose 40,000 b/d to 3.60mn b/d in August, the highest level since February. Of this 96%, 3.47mn b/d, was exported from Basra, with a further 105,000 b/d through the KRG’s export pipeline to the Mediterranean port of Ceyhan in Turkey.
Taken together with just under 500,000 b/d independently exported from semi-autonomous Iraqi Kurdistan, refining runs of around 650,000 b/d and moderate crude burn levels, MEES estimates that Iraq produced 4.75mn b/d in August. In bettering July’s 4.72mn b/d, this marks the second consecutive monthly production record in Iraq and will make for some awkward discussions at next week’s Opec+ monitoring committee meeting in Abu Dhabi (MEES, 6 September). (CONTINUED - 849 WORDS)