Iraq set for highest monthly crude exports as OPEC meeting nears

Even as an OPEC meeting nears, Iraq looks on track for what could be its highest monthly export of crude oil even though the country supports moves to extend OPEC's production cuts.

Photo: /ritzau/Nabil al-Jurani/Arkiv

Iraq is on track for what may be the country's highest monthly crude exports even as the Middle East nation supports moves to extend OPEC-led production cuts aimed at trimming bloated global inventories.

Vessels hauling 62 million barrels of the nation's crude departed ports in the Persian Gulf and Mediterranean Sea in the first half of May, according to tanker-tracking and shipping agent data. If sustained through May, the daily rate of 4.14 million barrels would exceed any month since Bloomberg began tracking shipments in January 2015. Current shipments, a partial proxy for output, would exceed sales in October which was the baseline month for the production accord.

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