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Iraq set a new record for oil shipments from its southern ports in August, sending out 3.583 million bpd of oil last month and beating the July record of 3.543 million bpd, data by Iraq’s oil ministry showed over the weekend. Iraq, OPEC’s second-largest oil producer after Saudi Arabia, has been boosting its oil exports since June, after OPEC and its Russia-led non-OPEC partners in the deal agreed to reverse some of their production cuts – or as they frame it, to ease compliance rates to 100 percent. Iraq’s federal government exported 3.583 million bpd in August, or a total of 111,061,618 barrels from central and south Iraq, reaping a total of US$7.73 billion in revenues at the price of its oil averaging US$69.593, the oil ministry quoted the Iraqi State Oil Marketing Organization (SOMO) as saying this weekend.
Russia’s oil production in August was virtually flat compared to July as Moscow kept output at near post-Soviet record, after having reversed most of its production cuts under the OPEC+ deal the previous month. Russia’s oil production in August stood at 11.21 million bpd, according to data by its energy ministry.
The Saudi-led coalition fighting in Yemen said on Monday that it had intercepted and destroyed a ballistic missile fired by the Houthi movement towards the Saudi city of Jizan. The Houthi, which are alleged supported by Iran, said separately that they were targeting a facility of Saudi Aramco. There were no reports of damage by the coalition.
To present the direction and trend of world oil prices.
To prepare for the future of energy
Reduce the impact of oil prices on the cost of living