Thursday, September 29, 2022

Baghdad

Iraqi oil production increased in August

 Iraqi oil production increased in August

An oil facility in Iraq. Photo: Rumaila Operating Organization

Baghdad (IraqiNews.com) – Statistics from the State Organization for Marketing of Oil (SOMO) showed that Iraq’s production of crude oil rose by 67 thousand barrels per day in August compared to July, but exports from the south of the country remained restricted due to delays in infrastructure modernization.

SOMO statistics revealed that Iraq produced 4.651 million barrels per day of crude oil in August, which is consistent with its share under the OPEC+ agreement, but exports decreased by 62 thousand barrels per day, prompting Baghdad to direct the surplus of August supplies to storage tanks and domestic consumption.

The increase in exports from Basra governorate in southern Iraq did not succeed in compensating for the decrease in shipments by 45 thousand barrels per day from the Kurdistan region of Iraq, as the governorate’s exports rose by only 25 thousand barrels per day, according to Reuters.

Iraq’s attempt to increase its export capacity through its Gulf ports faced setbacks due to delays in upgrading pumping stations.

The state-owned Basra Oil Company planned to increase the export capacity from the south to 3.35 million barrels per day in August and to 3.45 million barrels per day by September, compared to about 3.3 million barrels per day now.

The new export target was set after the Basra Oil Company missed the deadline to reach an export capacity of 3.45 million barrels per day in the second quarter of 2022.