Basra crude exports from the south rose 40,000 (b/d) in July

Exports from the north dipped 50,000 (b/d) in July

Crude production in Iraq rose to 4.18 million barrels a day (b/d) last month from 4.15 million (b/d) in June, according to the International Energy Agency (IEA).

Basra crude exports from the south reached 3.06 million (b/d) in July, up 40,000 (b/d) from June.

There has been a 14 per cent drop in Brent oil this year as the Opec defended market share against growing production in the US. On 5 June Opec chose to maintain its production ceiling of 30 million b/d and urged member countries to adhere to it.

Iraq will need to increase oil production to keep up government revenue, which has declined due to lower oil prices.

Exports from the north of Iraq, through the port of Ceyhan in Turkey dipped 50,000 (b/d) to about 520,000 barrels a day.

The Kurdistan Regional Government (KRG) in the north said it intended to deliver a further 2 million barrels to Ceyhan at the end of July but was unable to do so because of the interruption in the export pipeline. Exports resumed on 6 August.

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