Oil Exports Fall for Second Month

By John Lee.

Iraq’s oil exports are expected to decline in June for the second month in a row.

According to loading data tracked by Reuters and an industry source, Iraq’s southern exports in the first 29 days of June have averaged 3.14 million bpd, down 60,000 bpd from May.

The head of the South Oil Company (SOC) told the news agency on Sunday that the decline was due to maintenance work and higher domestic demand.

Crude oil shipments from northern Iraq have reportedly fallen from 510,000 bpd in May to 480,000 bpd so far in June. This is down from 600,000 bpd at the start of the year due to pipeline sabotage and a decision by Baghdad to suspend pumping Kirkuk crude.

(Source: Reuters)

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