Opec output fell slightly in July from June as Iranian output slipped because of an EU embargo prohibiting European insurance firms from covering Iran’s crude exports. Iran lost its place as Opec’s second-largest producer to Iraq, producing 200,000 b/d less than in June. A 190,000 b/d rise in Iraq’s output almost offset the loss of Iranian supply (see table). Loadings from southern Iraq rose by around 211,000 b/d, although exports from northern Iraq were down by 25,000 b/d.
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