Iraq violated its oil production obligations in July

In July, Iraq violated its obligations on oil production under the OPEC+ agreement, the country increased its crude oil exports by about 80 thousand bpd, Enkorr reports.

Exports from Basra and other terminals in southern Iraq as of July 29 amounted to about 2.75 million bpd. This is 50 thousand bpd more compared to the official June data. Exports from northern Iraq also increased and amounted to no less than 400 thousand bpd against 370 thousand bpd in June.

Iraq exported 84.49 million barrels in June, 2.81 million bpd. In May, the country exported 99.5 million bpd, and in April – 103 million bpd.

Iraqi Energy Minister Ihsan Ismail said in mid-July that the country would achieve 100% fulfillment of its obligations to reduce oil production under OPEC+ deal by early August and will compensate for the excess production in May and June in July, August and September.

Recall that in April, OPEC+ countries agreed on a record reduction in oil production due to the market crisis caused by the coronavirus pandemic.

Earlier, the US Department of Energy said that by the second half of 2021, oil prices could reach $50 per barrel.

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