Iraq’s Oil Exports Climb to Record With Output at All-Time High

Iraq’s oil exports climbed to a record in June as the drive for market share intensified with the Organization of Petroleum Exporting Countries boosting output.

Overseas shipments by OPEC’s second-biggest producer averaged 3.187 million barrels a day in June, based on monthly shipments of 95.612 million barrels, according to Asim Jihad, an Oil Ministry spokesman. Exports rose 1.3 percent from 3.145 million barrels a day in May.

Iraq joined Saudi Arabia in pumping more oil as OPEC members defend market share against higher-cost producers. Brent crude has climbed 10 percent this year, spurring speculation that higher prices will lead to even more output and prolong a surplus.

Oil Minister Adel Abdul Mahdi said last month that Iraq was approaching 4 million barrels a day. It ended June with daily output at a record of 4.388 million barrels, according to a Bloomberg survey. Total output of OPEC’s 12 members rose to 32.1 million barrels a day, the survey showed.

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