Iraq: Oil exports stable at 2 million barrels per day since early August
Iraqi Oil Minister Basim Muhammad Khudayr stated on Friday that Iraq’s average crude oil exports from the beginning of the current month until today have reached two million barrels per day.
Speaking to journalists in Basra province, the minister said, “We currently have four oil tankers carrying Iraqi oil, and the average export volume has reached two million barrels per day. We are working to maximize oil exports, with more than 85 percent of the national budget relying on revenues from oil exports.”
He added that “the ministry’s and the government’s strategy is based on diversifying export routes, while the Strait of Hormuz remains one of the key outlets, along with Ceyhan. A consortium comprising Chevron and Qatar’s UCC will implement a pipeline from Basra to Vishkhabur, with another line extending from Haditha to Baniyas in Syria. We are also proceeding with other projects to upgrade production and export infrastructure and maximize financial revenues.”
Earlier, on the 10th of the current month, Ali Nizar Al-Shatri, Director General of the State Organization for Marketing of Oil (SOMO), stated that “Iraq is selling its oil shipments at $60 per barrel, and Iraqi crude oil exports via the Strait of Hormuz are likely to generate revenues of up to $3 billion, provided that crude oil export levels remain at two million barrels per day throughout the current month.”
He noted, “Iraq sells its oil cargoes offered at Iraqi ports to global companies, which are responsible for obtaining prior approvals from both Iranian and American sides for passage through international waters. These companies are generally of various nationalities and serve different markets.”
He added, “Iraq has not obtained any exemption for the passage of Iraqi oil through the Strait of Hormuz; we rely on the ability of companies to enter and exit the strait.”
Al-Shatri said, “We offer Iraqi oil for bidding to companies capable of entering and exiting the Strait of Hormuz.”
