Loading, Refinery Problems Boost Iraqi July Compliance

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• Iraq’s compliance with its Opec-plus quota commitment rose to an eight-month high in July. • Yet the 116% compliance rate in July was largely inadvertent as loading issues and storage bottlenecks conspired to frustrate efforts to open the supply faucet. • Nevertheless, output was up, albeit modestly, and this combined with higher prices pushed Iraqi oil revenues to a 20-month high of $6.51 billion. Federal Iraqi crude exports rose by almost 70,000 barrels per day to hit 2.996 million b/d in July, according to Energy Intelligence data. Iraqi state marketer Somo had been targeting exports of 3.05 million b/d, while Baghdad’s own figures put federal exports at just 2.918 million b/d. “It is very disappointing. We couldn’t achieve our target. We have lost around 130,000 b/d [from the target],” a senior Iraqi oil official told Energy Intelligence. Iraq's July 2021 Production ('000 b/d) Vol. Basrah exports 2,899 Domestic refining 480 Direct crude burn 60 Less spiked condensate, fuel oil -70 KRG output 385 Less KRG condensate -20 Smuggling 40 Exported from Kirkuk via Turkey† 97 Exported from Kirkuk to Jordan* 0 Exported Qayarah crude‡ 0 Stockdraw 41 Total 3,912 *Trucked to the Zarqa refinery.

Oil Demand, Oil Supply, Opec-Plus Supply , Opec/Opec-Plus, Crude Oil
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