Iraq Breaks New Revenue Record as Exports Rebound

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  • Basrah exports to Europe and Turkey hit their highest in 12 months as rising Russian crude flows to Iraq's traditional Asian buyers pushed more cargoes west.
  • The changing trade flows come as volumes of Basrah Heavy rise, reflecting Iraq's increasingly heavy oil production profile.
  • The Karbala refinery could finally begin operations in October, providing a welcome new outlet for Iraq's crude output.

Iraq’s monthly oil revenues hit $11.5 billion in June, buoyed by the recovery in Basrah crude exports and surging oil prices. Production topped 4.4 million barrels per day for the first time since April 2020, according to Energy Intelligence estimates.

Opec-Plus Supply , Crude Oil, Oil Trade, Refining
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