Iraq will raise shipments of a key crude grade next month, part of an enlarged export program indicating that the OPEC+ nation is boosting its oil production.
The Middle East country will lift shipments of destination-free Basrah Medium oil to 17 million to 18 million barrels next month, people with knowledge of the matter said. The number is significantly up from July and will lead to a slight increase in total exports, one of them said.
The Organization of the Petroleum Exporting Countries and their allies are in the throes of a production boost that so far has promised more oil than it has delivered, helping oil prices to hold up during the Northern Hemisphere summer. This, though, is the latest sign that the pledged barrels are starting to hit the market.
The volume of destination-free crude would be about 4 million barrels, or 20%-30%, more than typical monthly quantities, the people said, asking not to be identified as they’re not authorized to speak publicly.
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