For the second month … Iraq’s oil exports within the scope...

For the second month … Iraq’s oil exports within the scope...
For the second month … Iraq’s oil exports within the scope...
Iraq renewed its commitment to the OPEC + agreement in oil exports for the second month in a row, and to reduce exports by about 160 thousand barrels per day.

And the Iraqi Ministry of Oil announced that the total Iraqi oil exports amounted to 2.6 million barrels per day on average last September.

And it indicated, in a statement, that Iraq’s oil exports from southern ports amounted to 2.5 million barrels per day on average last month.

And she continued: Iraq’s oil exports from Kirkuk through Ceyhan amounted to about 104 thousand barrels per day on average.

The Iraqi Oil Ministry added that the average price of oil per barrel reached $ 40,407 last September.

And last week, Asim Jihad, a spokesman for the Ministry of Oil, confirmed to Reuters that “Iraq is committed to the OPEC + agreement and is working with member producers from OPEC and outside it to meet the challenges facing global oil markets, including the spread of Covid-19, which caused the reduction in global demand for oil.” .

The Organization of the Petroleum Exporting Countries and its allies in the OPEC + group are currently cutting production by 7.7 million barrels per day until next December to support prices in light of the Corona virus crisis that is striking demand.

OPEC had raised the cuts to a record level of 9.7 million barrels per day from May to last July, after demand collapsed due to the Corona virus crisis.

Iraq, the second largest producer in OPEC, previously failed to fully comply with OPEC + oil production cuts, to pump more than its production targets since the agreement signed for the first time in 2016 between the Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia.

Iraq had said on August 7 that it would cut production by an additional 400,000 barrels per day in each of last August and September this year to compensate for the increase in its production in the previous three months.

Baghdad was at times the OPEC member that was least committed to previous OPEC + agreements.

The south is the main export outlet for Iraqi crude.

Iraq’s total exports averaged 2.6 million barrels per day last August, down from 2.763 million barrels per day last July.

The decline in exports resulting from the OPEC + cuts is putting pressure on the financial situation of Iraq and is a challenge to the government, which is struggling to deal with the repercussions of years of war and widespread corruption. Iraq is counting on oil to finance 97% of its government budget.

The economy and the oil sector in Iraq have been exhausted by years of wars, sanctions and confrontations with Islamic militants after the US invasion.

Baghdad complains that it is struggling to revive the stagnant oil industry, at a time when the rest of OPEC members benefit and strengthen their market shares.

OPEC + has been cutting production since January 2017 to help support prices and reduce global oil inventories.

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