Iraq’s oil export rises to 3.6 million barrels per day in August

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Iraq’s oil export rises to 3.6 million barrels per day in August

On Sunday, the 1st of September 2019, Oil Ministry of Iraq, the energy-rich Gulf ally of United States had issued a public statement saying that Iraq’s heavy to medium grade crude oil exports rose 3.603 million barrel per day on August from 3.566 million barrels a day a month earlier.

In point of fact, the latest upsurge in oil export from Iraq came forth amid a baleful geopolitical backdrop in the Gulf with Iran and Iran-backed Yemeni Houthis had made life difficult for the oil supertankers passing through the strategic gateway of Strait of Hormuz, responsible for channeling more than one-fifth of world’s daily oil requirement.

Nonetheless, according to Iraqi oil ministry’s Sunday’s (September 1st) statement, a number of factor had played a pivotal role to heighten up Iraq’s oil export including a hike of crude exports through the Basra ports in the Southern Iraq, a rise of oil shipment to Turkish port of Ceyhan from its Kirkuk oil field in Northern Iraq alongside a resumption of oil supply to Jordan by truck, which was halted back in the 2014s over the narratives of a deteriorating security situation over their commonly shared land border.

However, Iraq, the 99th largest economy by nominal GDP, which earned 99.2 percent of its foreign remittance through oil exports, had still been producing below its maximum output capacity of 500,000 billion per day as a part of an OPEC+ decision to curb crude oil output in order to balance crude oil market in context of a record US inventory build.