Crude Exports Fall for Second Month

By John Lee.

The Iraqi Oil Ministry has said that exports of crude oil fell in June for the second consecutive month, due to bad weather at the ports and attacks on northern pipelines.

Shipments dropped to 69.8 million barrels for the month, or 2.33 million barrels a day (bpd), bringing in a total of $6.8 billion in revenue. This is down from the 76.9 million barrels shipped in May and 78.7 million in April, earning $7.48 billion and $7.76 billion, respectively.

The fall was blamed on sabotage of the pipeline network from Kirkuk to the Turkish port of Ceyhan, together with high winds and dust storms that halted tanker loadings at southern terminals (pictured). In addition, the country’s self-governing Kurdish region has stopped exporting since December amid a dispute between Kurdish authorities and the central government.

Continued attacks on the pipeline are expected to lead to further falls in July.

(Source: Bloomberg)

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