Iraq Generates Increased Revenue From Crude Exports in July

Iraq, home to the world’s fifth-largest proven oil reserves, generated 6.9 percent more from crude sales in July, compared with the previous month, according to the Oil Ministry.

The Middle East nation earned $7.27 billion from the export of 2.32 million barrels a day of crude in July, Asim Jihad, a ministry spokesman, said in an e-mailed statement. Iraq generated $6.8 billion from the shipment of 2.33 million barrels a day in June.

OPEC’s second-largest producer after Saudi Arabia exported 66.4 million barrels last month from the southern terminal of Basra and 5.6 million barrels from the northern oil hub of Kirkuk at an average price of $101 a barrel, he said. That compares with $97.41 in June.

The Iraqi government deployed an additional 2,500 soldiers to protect the pipeline running from Kirkuk to Turkey’s port of Ceyhan on the Mediterranean, according to the spokesman. That link has been attacked 38 times this year, compared with six in 2012.

Iraq plans to increase crude exports from September as the Gharraf and Majnoon oil fields start production, Jihad said in an Aug. 16 interview. Gharraf, developed by Malaysia’s Petroliam Nasional Bhd and Japan Petroleum Exploration Co., is scheduled to start producing 35,000 barrels a day this month and Majnoon, developed by Royal Dutch Shell Plc and Petroliam Nasional, is to begin output by October, Oil Minister Abdul Kareem al-Luaibi said in an Aug. 13 statement.

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