Iraq’s oil exports slightly rise during July

Baghdad (IraqiNews.com) – Data from shipping firm Kpler showed that crude oil and condensate exports from the Gulf countries steadied in July at roughly 10.7 million barrels per day, a two percent rise compared to June but still approximately 40 percent below pre-war levels.

Iraq boosted regional exports by increasing oil output compared to June, aided by growing tanker shipments that largely offset the drop in Saudi and UAE exports.

Oil shipments slowed in the second half of July due to rising security tensions in the Strait of Hormuz and the Red Sea, as well as an increase in vessel assaults, causing some oil tankers to change their routes or turn off their tracking systems while at sea.

The consistent flow of oil shipments has eased concerns about global supply shortages. However, oil tanker traffic through the Strait of Hormuz and Bab al-Mandab remains below pre-war levels, which raises geopolitical risks in energy markets.

Iraq’s seaborne crude oil shipments increased in July by more than 153 percent, or 757,000 barrels per day, compared to the previous month.

According to Attaqa News, Iraqi oil shipments by sea rose to over 1.25 million barrels per day in July compared to 493,000 barrels per day in June.

The partial restart of commercial activity in the Strait of Hormuz prior to increased tensions and the development of the situation fueled this spike.