Iraq last month saw federally-controlled export volumes edge higher for the first time in three months. But July’s 3.20mn b/d, all from the southern Basra terminals, was not enough to prevent revenues from declining for the first time since February.

Latest Iraqi Oil Ministry figures show that receipts for Basra exports totaled $3.744bn in July as a combination of strong output growth from Opec as a whole (MEES, 5 August), record OECD stocks, and concerns over a global glut of refined products caused oil prices to fall. Brent tumbled 7.3% in July, averaging $46.53/B, while Iraq’s average export price fell from $40.18/B to $37.72/B. With the Brent price at around $44/B as MEES went to press, August takings look set to fall further. (CONTINUED - 800 WORDS)