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crude oil production hit its highest in 13 months in July of 4.46 million b d. the country`s State Oil Marketing Organization said Thursday.
OPEC`s second largest producer has consistently reported total production of 4.36 million b d since September last year. Both figures include output from the semi-autonomous Kurdistan Regional Government.
Under the OPEC cut deal. which began January 1. 2017. and has now been extended through to the end of 2018. Iraq was given a ceiling of 4.351 million b d.
Along with its non-OPEC allies. the group agreed June 23 to raise production by 1 million b d. However. it left unsettled how the increase would be allocated.
S&.P Global Platts latest OPEC survey. one of the secondary sources used by the producer group to gage compliance. put Iraqi production at 4.57 million b d in July. some 110.000 b d higher than Iraq`s official number.
In a document sent to Platts. Iraq also said it exported 3.875 million b d in July. inching up 25.000 b d from June to hit its highest since January 2017.
Data from the oil ministry earlier this month put exports from Iraq`s Persian Gulf terminals at 3.543 million b d. a new record high. leaving Kurdish pipeline exports to the Turkish Mediterranean port of Ceyhan at 242.000 b d.
Iraq has no option to export Kirkuk crude from the north of the country due to a political dispute with KRG. while the federal pipeline to Turkey was destroyed by militants from the self-styled Islamic State group in early 2014.
The KRG itself shipped around 316.129 b d in July. according to reports obtained from sources at Ceyhan. This is around 74.000 b d higher than SOMO`s estimate of Kurdish exports.
