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Iraq pumps 4.62 mil b/d in July, highest since Jan 2017: SOMO

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Iraq pumps 4.62 mil b/d in July, highest since Jan 2017: SOMO

Highlights

Exports rebound to over 4 mil b/d

Compliance to OPEC cuts declines further

London — Iraq's crude oil production in July rose to 4.62 million b/d, the country's State Oil Marketing Organization said late Sunday, its highest monthly output figure since January 2017, according to official data.

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Exports were up steadily, rising to 4.002 million b/d in July from 3.955 million b/d in June, SOMO said in a letter Thursday addressed to S&P GlobalPlatts. The figures include the Kurdish region in northern Iraq.

Iraqi oil output in July jumped after two consecutive months of production averaging 4.60 million b/d.

Earlier this week, the oil ministry said federal crude oil exports in July rose 46,000 b/d to 3.566 million, boosted by higher volumes from its southern terminals.

This suggests the Kurdish region shipped 436,000 b/d in July from 435,000 b/d and 513,000 b/d in June and May respectively.

SOMO's July figure puts total domestic consumption for power generation and refining for the month at 618,000 b/d from 645,000 b/d in June.

Platts survey: OPEC Jul output slumps to 5-year low on Saudi overcompliance

CONSISTENTLY NON-COMPLIANT

This makes it the sixth month out of seven that Iraq has been non-compliant with the current OPEC/non-OPEC cuts, according to ministry data.

Iraq had committed to keep output below a 4.512 million b/d cap as part of output cuts agreed by OPEC and other producers.

Analysts and independent estimates have put Iraqi production and exports at higher levels than those reported by the ministry.

The latest Platts OPEC Survey put Iraqi crude output at 4.78 million b/d in July. This was up 10,000 b/d from June, but down from May when it pumpeda record high of 4.82 million b/d.

OPEC's second-largest producer pledged to cut 140,000 b/d from its October output baseline under the OPEC-led deal to remove 1.2 million b/d of production in a bid to support oil prices.

-- Eklavya Gupte, eklavya.gupte@spglobal.com

-- Edited by Jonathan Fox, jonathan.fox@spglobal.com