Oil and Gas

Iraq oil exports from southern ports rise to 3.521 mln bpd in June

Iraq’s oil exports from the southern ports on Gulf averaged 3.521 million barrels per day (bpd) in June, slightly above the May average, the oil ministry said in a statement .

Iraq exported 3.490 million bpd of crude oil in May.

OPEC’s second-largest producer’s exports generated $7.3 billion at a price of $69.322 per barrel, oil ministry spokesman Asim Jihad said in a statement.

There were no exports in June from the Kirkuk fields, located in northern Iraq but under the control of Baghdad, said the statement.

Kirkuk oil exports stopped in October, when Iraqi government troops backed by Shi’ite paramilitary forces dislodged Kurdish fighters from the region.

The country is producing below its maximum capacity of nearly 5 million bpd under an agreement between OPEC and other exporters including Russia to curtail output in order to support oil prices.

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