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IRAQ DATA: Oil exports fell 2% in July ahead of pledge to meet OPEC+ cuts

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IRAQ DATA: Oil exports fell 2% in July ahead of pledge to meet OPEC+ cuts


Exports in July were 2.763 million b/d vs 2.816 million b/d in June

June exports dropped 12% from May

Iraq pledged 100% compliance with OPEC+ cuts by early August

Dubai — Iraq's oil exports, excluding those from the semi-autonomous Kurdish region, fell 2% in July, the oil ministry said Aug. 1, ahead of OPEC's second-largest producer's pledge to reach 100% compliance with OPEC+ cuts this month.

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Exports averaged 2.763 million b/d in July, compared with 2.816 million b/d in June, the ministry said Aug. 1 in a statement. The ministry did not publish production figures. Exports slumped 12% in June compared with May.

Baghdad raked in $3.487 billion as it sold its oil at $40.708/b in July, up from $2.871 billion and a price of $33.984/b in June.

Iraq's July OPEC+ quota was 3.592 million b/d, but it was supposed to make up for higher production in May and June by implementing extra cuts in July through September.

Iraq has pledged to reach 100% compliance with its OPEC+ quota by early August and to make up for overproduction in May and June, as it continues to improve its adherence to historic OPEC+ cuts, the country's oil minister Ihsan Ismaael said on July 13.

OPEC+ compliance

Iraq, often a laggard in terms of compliance, produced 3.698 million b/d in June, including flows from the semi-autonomous Kurdish region, a 9% decline from 4.068 million b/d in May, state oil marketer SOMO said on July 11.

Total exports, including those from the Kurdish region, declined 11.4% to 3.218 million b/d, from 3.633 million b/d in May.

OPEC and its allies, including Russia , rolled 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 COVID-19. As of Aug. 1, their total cuts will be 7.7 million b/d as the coalition begins to ease output curbs.