During the month of January, oil from Iraq’s southern provinces are holding close to a record high for 2019. This could raise question whether OPEC’s second-largest producer is following through on the deal to cut output.
OPEC and its allies unlikely to agree official output increase but will feel the pressure to avoid a spike in crude oil prices ahead of US sanctions on Iran taking effect. The organisation's members will meet this weekend in Algeria.
Following the protests in Tripoli, the Libyan state oil firm (NOC) has reopened the airfield in the southwestern Wafa oilfield. The airfield is used to transport workers and equipment to the oilfield, as travelling by road is too dangerous.
The Iraqi Oil Ministry announced on Wednesday that Iraq exported 3.543 million barrels per day from its Southern ports in July. These exports generated about $7.6 billion in revenue as the average price of a barrel in July was $69.163.
In Iraq's Southern ports, oil export has increased from 3.490 million bpd in May to 3.521 million bpd in June, says Asim Jihad the spokesperson for Iraq's Oil Ministry. Iraq is OPEC's second largest producer.
Spokesperson for the Iraqi Oil Ministry, Assem Jihad, stated that Iraq has exported more than 100 million barrels of oil during the month of April. The statistic did not record exports from Kirkuk as production has halted since last October'c crisis.