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Iraq exported more than 592m barrels of oil since January

Iraq exported more than 592m barrels of oil since January

BAGHDAD: On last Sunday, Iraq’s oil marketing company stated that the country exported 592.378 million barrels of petroleum during the first half of 2017.

In its statement, SOMO said that represented a monthly exportation rate of 98.729 million barrels, and a daily rate of 3.290 million barrels.

The company also stated that the exports yielded revenues worth USD26.771 million during that period, recording a monthly return of USD4.592 million a month.

As per statements, the exports were acquired by 37 world companies. The Iraqi petroleum ministry said earlier on Sunday that the average of Iraqi petroleum exports during June stood at 3.273 million barrels, up from 3.262 barrels in May.

Iraq is OPEC’s second largest producer after Saudi Arabia. Iraq is OPEC’s second largest oil producer after Saudi Arabia, recording a daily production of 477.5 million barrels per day in 2016.

Despite the planned increase, Iraq is recommending an extension of an OPEC agreement to cut members’ production, by 1.8 million barrels daily, beyond June.

A spokesperson of the Cabinet, Saad al-Hadithi, had said that Iraq wants the production cuts to extend for nine extra months to offset oversupply and enhance prices. He said the slashed production since the signing of the agreement last year had helped improve oil revenues gradually for exporting companies.