IRAQ DATA: Federal oil exports rose 4.7% in August amid higher OPEC+ quota

Iraq's federal crude exports, excluding flows from the semi-autonomous Kurdistan region, rose 4.7% month-on-month in August, oil ministry figures showed Sept. 1, as Baghdad benefitted from a higher OPEC+ quota.

Federal exports increased to 3.054 million b/d in August from 2.918 million b/d in July, according to data from the oil ministry.

Iraq's August quota rose to 4.061 million b/d from 4.016 million b/d in July as the OPEC+ coalition began relaxing curbs by 400,000 b/d per month until December, which will add a total of 2 million b/d by the end of this year. Iraq's September quota will rise to 4.105 million b/d.

Southern and central oil exports increased 4.8% to 2.957 million b/d in August, while exports from Kirkuk fell 0.3% to 96,913 b/d.

There were no exports of heavy Qayara crude or oil trucked to Jordan in August.

Iraq raked in $6.533 billion by selling its oil at an average of $69/b in August, compared with $6.513 billion at an average price of $71.578/b in July.

OPEC+ compliance

Iraq struggled in the beginning of 2021 and for most of 2020 to adhere to its quota amid the COVID-19 pandemic, the oil price rout, and the financial crisis gripping the country.

OPEC and its allies have been gradually lifting production quotas this year in anticipation of higher global oil demand as the world continues to emerge from the pandemic.

OPEC+ clinched an agreement July 18 to raise its crude oil production between August and December, while also allocating five members more generous output quotas starting May 2022.

Iraq was one of the five countries that negotiated a higher baseline for its quota, which will rise from 4.653 million b/d through April 2022 to 4.803 million b/d in May 2022 onwards.

The deal also extends the OPEC+ supply management pact to the end of 2022, from its previous expiry of April 2022.

The next OPEC+ meeting is scheduled for Sept. 1.