Oil price keeps rising, covering export slippage again
Iraqi oil earned more than $40 per barrel for the first time since September, a helpful boost as exports have dropped nearly 200 thousand bpd in two months.
Tankers dock at the Al-Basra Oil Terminal. (BEN LANDO/Iraq Oil Report)
Total oil revenues for federal Iraq continued to climb in June, even as oil exports dropped by an average 25,000 barrels per day (bpd) to 3.175 million bpd, the lowest monthly output since October.
Combined with May's decline, however, average exports are down nearly 200,000 bpd over the past two months, just as the global oil price shows signs of heating up.
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