Iraq’s crude oil exports fell 6% in August

Iraq’s crude oil exports have fallen by six per cent or 166,000 barrels per day (bpd) during August compared to the previous month, the Iraqi Oil Ministry said.

The ministry explained in a statement issued yesterday that the crude oil exports fell from 2.763 million bpd in July to 2.597 million bpd in August.

According to the statement, the country has exported an average 2.5 million bpd from the port of Basra and 97,000 bpd through the Turkish port of Ceyhan.

“The average price per barrel reached $43.693 in August, compared with $40.7 a barrel in July,” it said.

Despite the decline in exports in August, monthly revenues rose to $3.517 billion, compared to $3.487 billion in July, it added.

Earlier this month, Iraq announced that it would reduce oil production by 400,000 bpd during August, in line with the OPEC+ agreement to reduce oil production.

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