Iraq’s federal oil exports hit 3.054mn b/d for August, the highest figure since May 2020’s 3.224mn b/d.
But though August saw exports rise by 135,000 b/d (4%) from July, revenues were up just 0.3% ($19mn) at $6.533bn versus July’s $6.514bn (MEES, 6 August). This was due to lower oil prices, with state marketer Somo’s average selling price falling from $72.0/B to $69.0/B. Despite the modest rise in revenues, takings were nevertheless at their highest monthly level since December 2019 (see chart 1). (CONTINUED - 782 WORDS)