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The Iraqi Oil marketing company (SOMO) denied, on Thursday, that it exceeded OPEC+ target for oil exports for July.
The state company issued a statement in response to the article “Iraqi oil exports in July above OPEC+ target within 20 days only” published by “Attaqa website”.
“The Oil Marketing Company wishes to clarify to the public opinion the fact that the published news is not accurate and unprofessional. At the time when the news confirmed that the rate of exports from the southern ports of Iraq recorded a rate of 2.7 million barrels per day, it had neglected the fact that this rate in itself was less by 100 thousand barrels per day than the previous June exports rate”, the statement received by Shafaq News agency stated.
It added, “this rate in itself is not final and does not reflect the commitment of Iraq, which will be shown by the results of the July exports at the beginning of next August. Iraq confirmed through the Federal Oil Ministry that it will show a full commitment to the agreement of OPEC and allies to reduce production”.
SOMO demonstrated that the export rate mentioned in the publication of the “attaqa website” itself, in addition, to the region’s exports from northern Iraq and the volume of local consumption, results in approximately 100% commitment of the production-reduction agreement.
The Iraqi Oil Minister, Ihsan Abdul Jabbar, previously confirmed Iraq’s commitment to the “OPEC+” agreement to reduce oil production with oil-exporting countries and Russia.
Iraq has lost financial revenues of $ 11 billion, due to the low prices for oil in world markets, compared to the prices in the same period last year, according to a SOMO report issued in May.
Iraq’s oil exports make up 98 percent of foreign currency flows to the country, with oil sales making up 45 percent of gross domestic product and 93 percent of public budget revenues.
