Production rises on Iraqi surge

摘要

Opec continues to pursue its market share strategy, with a surge in southern Iraqi production last month pushing group output to 31.66mn b/d, its highest since April 2012. Production has exceeded Opec’s agreed level of 30mn b/d for 12 months in a row. And a nuclear deal between Iran and the P5+1 group of world powers targeted for conclusion by 10 July — but extended again — could ease US and EU sanctions on around 1mn b/d of Iranian oil exports, testing Opec policy further. Iraq has benefited the most from sanctions constraints on Iranian oil production, because its output continues to grow.