Baghdad (IraqiNews.com) – Iraq’s oil shipments increased in October by 9.5 percent to 3.35 million barrels per day, which is close to pre-war levels.
The rise is associated with an increase in the oil exports of the region’s main Arab oil-producing countries, supporting global supply and reducing pricing pressure.
According to tanker-tracking data and energy market analysis, the total oil exports from Saudi Arabia, the United Arab Emirates, Iraq, and Kuwait during October increased by 10 percent to 15.53 million barrels per day, a rate roughly equivalent to the levels seen at the beginning of the year.
However, for the second month in a row, there were no exports from Iran due to a naval blockade imposed by the United States, Bloomberg reported.
The increase reflects a rebound in oil supplies from Arab producers in the Gulf region, which is due to the use of new transport channels that helped them avoid the risks associated with navigation through the Strait of Hormuz.
Iraq’s oil exports saw the second largest increase following Saudi Arabia’s, which rose to approximately seven million barrels per day in October, a 13 percent rise compared to September.
Oil supplies from the southern port of Basra have surged since Baghdad declared that its exports were getting close to pre-conflict levels, while those via the northern route—which passes through Turkey—have almost doubled.
This increase in Iraqi exports represents a larger attempt by Gulf producers to regain the quantities and income that the military conflict in the Middle East has affected.
Despite ongoing concerns about possible military escalation and supply disruptions, oil exporting countries are looking to bolster their position in international markets.
