BASRA: Iraq’s oil exports from southern ports rose to more than 3.230 million barrels per day (bpd) in August, from 3.202 million bpd in July, as crude production increased, the oil ministry and sources at state-run South Oil Co said on Thursday. The West Qurna 1 field, developed by Exxon Mobil, and South Oil’s Luhais and Artawi fields contributed most to the increase, according to sources at South Oil.
Iraq, Opec’s second-largest producer after Saudi Arabia, exports most of its crude from the southern fields. Increased supply is adding to a global glut of crude, putting pressure on oil prices.
Opec’s oil output is likely in August to have reached its highest in recent history, a Reuters survey found on Wednesday, as extra barrels from Saudi Arabia and other Gulf members made up for losses in Nigeria and Libya. The gains could add to scepticism over renewed talk among members of the Organisation of the Petroleum Exporting Countries about freezing output to support prices.
