By John Lee.
Iraq’s crude oil output rose above 3 million barrels a day last month for the first time since the 2003 U.S.-led invasion that toppled Saddam Hussein, according to the Organization of Petroleum Exporting Countries (OPEC).
Iraq pumped 3.08 million barrels a day in July, 115,000 barrels more than the previous month, outpacing Iran for the second month, where output dropped by 173,000 barrels to 2.82 million. Iraq last produced more than 3 million barrels in February 2002, OPEC said after revising its April estimate.
Just five years ago, Iran produced 4.2 million bpd, reports the Financial Times. July was the first month that saw the combined impact of US sanctions against Tehran, a full EU embargo on the country’s crude oil exports and a EU ban on maritime insurance for Iranian oil supertankers.
(Sources: Financial Times, Bloomberg)