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Iraq expects higher crude revenue in July, selling oil at $34-$35/b: report

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Iraq expects higher crude revenue in July, selling oil at $34-$35/b: report

Highlights

Iraq in some cases has sold oil as high as $39/b

Oil minister reiterates commitment to OPEC+ cuts

Iraq rakes in $2.091 billion in oil income in May

Dubai — Iraq expects higher crude revenues in July and is currently selling its oil at around $34-$35/b, the al-Mirbad news organization quoted the oil minister as saying on June 22.

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Iraq in some cases has sold its oil as high as $39/b, Ihsan Ismaael said, al-Mirbad reported.

The minister reiterated the country's commitment to OPEC+ production cuts, according to al-Mirbad.

Iraq hopes to rake in crude revenues of $2.5 billion in June, Ismaeel told al-Sharqiya TV on June 14. OPEC's second-largest oil producer expects to export 2.8 million b/d in June, he said.

Iraq sold its oil at $21.005/b in May, with oil income reaching $2.091 billion, according to the oil ministry.

Iraq pumped 4.068 million b/d in May, above its OPEC+ quota of 3.592 million b/d, and exported 3.63 million b/d, according to oil marketer SOMO.

OPEC and its allies, including Russia, agreed on June 6 to roll over their 9.6 million b/d in collective production cuts through July, to help bolster the market as it emerges from the depths of the COVID-19 pandemic.

Under the deal, Angola, Iraq, Kazakhstan and Nigeria committed to compensating for their lack of compliance in May and June with extra cuts in excess of their quotas in July, August and September.