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IRAQ DATA: Federal oil exports hold steady at 2.89 million b/d in June

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IRAQ DATA: Federal oil exports hold steady at 2.89 million b/d in June

Highlights

Iraq's quota rose in June to 3.954 million b/d

Quota to rise further to 4.016 million b/d in July

Iraq is OPEC's second biggest producer

Iraq's federal oil exports, excluding volumes from the semi-autonomous Kurdistan region, held steady in June amid signs that OPEC's second biggest producer adhered to its quota, which rose last month from May.

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Federal oil exports in June averaged 2.89 million b/d, the oil ministry said in a statement July 1.

Exports from central and southern Iraq reached 2.789 million b/d, compared with 2.8 million b/d in May, the ministry data showed. Exports of Kirkuk oil via the Turkish port of Ceyhan averaged 102,507 b/d in June, compared with 98,739 b/d in May. Exports of the heavy Qayara oil from the southern port of Khor Al-Zubair and crude trucked to Jordan remain suspended.

The federal government raked in $6.141 billion from selling its oil at an average price of $70.778/b, compared with $5.917 billion achieved in May at a price of $65.842/b.

Higher quotas

The OPEC+ coalition in a virtual meeting July 1 will decide on output levels for August and possibly beyond. Iraq's quota will rise to 4.016 million b/d in July, from 3.954 million b/d in June and 3.905 million b/d in May.

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.

Iraq pumped 3.879 million b/d in May, a fall of 51,000 b/d from the previous month, reflecting lower crude exports and weaker refining runs, the State Oil Marketing Organization, or SOMO, said June 9.

SOMO said the country's total crude exports -- including loadings from the federal government and from the semi-autonomous Kurdistan region -- fell to 3.337 million b/d in May from 3.388 million b/d in April.

Despite a fall in exports, crude oil inventories at the country's oil terminals grew month on month to 56,000 b/d, SOMO data showed.