August oil exports drop 5.5% but revenues rise
Falling export volumes suggest Iraq is following through on promises to make extra production cuts in support of an OPEC-plus effort to support global prices.
Tankers dock at the al-Basra Oil Terminal. (BEN LANDO/Iraq Oil Report)
Iraq's nationwide crude exports dropped by 5.5 percent from July to 3.016 million barrels per day (bpd) in August, the lowest volume since 2014, but revenues were up due to rising global prices.
With limited domestic refining and storage capacity and fuel demand rebounding, export volumes are a key indicator of Iraq’s adherence to an OPEC-plus agreement to put a cap on output.
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