Iraq not only increases oil production but also exports

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Ирак увеличивает не только добычу нефти, но и экспорт

Iraq is increasingly villevaude from the Vienna OPEC transaction+. According to the state-owned State Oil Marketing Organization (SOMO) last month daily shipments of Iraqi oil exported increased by 0.31% compared with may and amounted to 3.27 million barrels.

However, here the revenues from Iraqi export supply plummeted because of the decline in average oil prices. If in may they amounted to 4,623 billion dollars, in June — only 4,144 billion.

It is not surprising that Baghdad all is the willingness to refuse to participate in the Vienna agreement. Because he needs every dollar he can get for the economic recovery of the country. But the deal OPEC+ after the may solutions is bursting at the seams, because it lost all of its positive effect.

Just a few days ago the Iraqi oil Minister Jabbar al-Laibi has already warned that the end of the year production in the country will rise to 5 million barrels per day. However, the Minister has repeatedly made it clear that Iraq will not leave attempts to get out of the Vienna agreement.

Baghdad long ago asked permission from the oil cartel not to participate in the transaction. His request, he argues for the need to restore the oil industry after decades of wars and revolutions. However, a petition of Iraq was not a response from the other participants in the Vienna agreement.

So that the country, formally remaining a part of the deal, gradually increasing production and exports. According to OPEC, Iraq increased its production in June on a monthly basis on 60.6 thousand barrels per day to 4.5 million barrels per day.

Thus, the country has reduced the discharge of their obligations to reduce production to 28% of the required by the Vienna deal. No wonder, therefore, that Iraq slowly rises and oil exports.

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