Iraq is expecting to generate higher revenue from crude oil exports in July, according to the country’s oil minister Ihsan Ismaael in an interview with a local media. The report noted that OPEC’s second-largest producer is currently selling its crude at around $34-$35 a barrel, although it has sold at as much as $39 a barrel at some cases.
The minister said that Iraq expected crude oil revenue to reach $2.5 billion in June, with exports of 2.8 million bpd. In May, the revenue stood at $2.091 billion, with an average selling price of $21.005 a barrel.
Ismaael also repeated the country’s commitment to meet with OPEC+ production quotas. Iraq pumped 4.165 million bpd of crude oil in May, around 573,000 b/d higher than its quota of 3.592 million bpd. To make up the overproduction, Iraq has pledged to cut production to 57,000 bpd below the quota in June and to 258,000 bpd below the cap in July and August.
