Iraqi state-owned oil marketer Somo's crude exports dipped by 2pc on the month to 2.76mn b/d in July, but rising prices led to a sharp uptick in revenues, according to preliminary statistics from Iraq's oil ministry.
Combined Basrah Light and Basrah Heavy loadings accounted for 2.67mn b/d of July's total, down by 1pc compared with June. A further 87,000 b/d was made up of Kirkuk blend exports from the Turkish port of Ceyhan, 25pc lower than the previous month.
Somo also resumed Kirkuk blend shipments to Jordan last month following a brief suspension because of low oil prices. Exports to Jordan averaged around 8,500 b/d in July.
The majority of Iraq's Kirkuk blend exports are marketed by the semi-autonomous Kurdistan Regional Government (KRG).
Iraq has been under mounting pressure to curtail production and exports to improve compliance with its Opec+ output quota. The first phase of the Opec+ coalition's production restraint deal required Iraq to limit output to 3.59mn b/d in May-July, and 3.8mn b/d between August and December.
Somo's revenues increased by 21pc on the month to $3.49bn in July, following a 20pc rise in its average crude sales price to $40.71/bl. Global oil prices recovered last month amid an easing of Covid-19 lockdown measures, with the North Sea Dated benchmark rising by around $3.19/bl on the month to $43.27/bl.