Iraq's oil production rises to 4.63mn bpd in July

Aug 09, 2016 12:00 AM

Iraq's crude oil production in July rose to the highest level since January, as the country's supply slowly gets back on track despite low oil prices and a conflict with Islamic State militants.

The OPEC member pumped 4.632mn barrels of crude oil per day in July compared with 4.559mn bpd in June, state-run Oil Marketing Company (SOMO) said in a recent statement.

Iraq produced 4.775mn bpd in January, official data showed.

Oil exports from the country's southern ports rose to 3.2mn bpd on average in July, up from 3.175mn bpd in June, officials said on Monday, despite a pipeline leak that restrained southern exports.

Iraqi officials and oil analysts expect further growth in the country's exports this year, although at a slower rate than in 2015 when the country provided the biggest rise in supply from the Organization of the Petroleum Exporting Countries.

Foreign oil companies working in Iraq have warned that projects to boost output will be delayed if Baghdad cuts spending due to low oil prices and fighting with Islamic State.

Supply from OPEC rose to 33.41mn bpd in July from a revised 33.31mn bpd in June, according to a Reuters survey.

July's production reported by SOMO was higher than Iraq's estimated output in the survey which was at around 4.32mn bpd.

Separately, Gulf OPEC member Kuwait has kept its production steady in July, pumping 2.950mn bpd, an industry source told Reuters.

Supply has risen since OPEC abandoned in 2014 its historic role of cutting supply to prop up prices as major producers Saudi Arabia, Iraq and Iran pump more.

This year, Iran was OPEC's fastest-growing source of supply as it recovers from Western sanctions.

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