Iraq oil exports rise to 2.565 mln bpd in August: SOMO

Iraq’s oil exports rose to 2.565 million barrels per day (bpd) on average in August, their highest level for three decades, the head of the State Oil Marketing Organization (SOMO) told Reuters on Saturday.

Iraq exported 2.516 million bpd in July.

Exports from Basra in the south were 2.252 million bpd in August while shipments from northern Kirkuk were 313,000 bpd, including around 6,000 bpd by truck through Jordan, SOMO chief Falah al-amri said.

“It’s the highest export level in three decades and we are moving ahead to reach another record next month,” al-amri said.

A rise in Iraqi supplies this year has helped to keep a lid on prices as Western sanctions target Iran’s exports.

Revenue from the exports totaled about $8.4 billion, with an average selling price per barrel of around $106.

Recovering from decades of war and crippling sanctions, Iraq is seeking to boost its oil flows. The bulk of its crude oil is exported from southern Gulf ports.

With ambitious plans to double its oil production over the next three years, Iraq has passed the 3 million bpd production level for the first time in three decades and has overtaken Iran to become OPEC’s second biggest oil producer after Saudi Arabia.