Federal Iraqi crude exports fell 400,000 b/d to just 2.816mn b/ for June – the lowest figure since October 2015 – as Baghdad made significant progress in boosting its Opec+ compliance (MEES, 19 June).

The Opec+ production cuts have had a strong impact on prices and so despite the steep drop in exports, revenues rose to their highest level since March. With Iraqi crude averaging $33.86/B over the month, exports generated $2.86bn in June, almost double April’s nadir (see chart). (CONTINUED - 603 WORDS)