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OPEC Plus Agreement: Iraq will reduce its exports from Basra in July

Basra-ALSHARQIYA  July 1: Downloading programs have told Reuters that Iraq will reduce its crude oil exports from southern ports in July, mainly its flows from Basra Light, in compliance with OPEC plus cuts, after its failure to adhere to its share agreed in previous months.

Basra Light crude exports will shrink to about 817 thousand barrels per day in July from 2.24 million barrels per day in June, while Basra heavy exports will drop by about 710 thousand barrels per day.

Traders said that the final figure for July exports could be higher, due to a surplus in June shipments.

Under the OPEC Plus agreement, Iraq is obligated to compensate for the excess production in May and June during the following months.

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