Iraq plans to increase supplies of key oil grade in August

As part of an expanded export program, Iraq plans to increase its supply of Basrah Medium oil to the global market by 17–18 million barrels next month. This indicates an uptick in production by OPEC+ countries.

According to a Bloomberg source, oil supplies from Iraq will be 4 million barrels higher than last August, which is a 20–30% surge.

The news agency reports that this strategy aims to meet the growing energy demand by increasing output and exports. Iraq's participation in this process, along with that of other OPEC+ countries, is important for maintaining the stability of world oil prices and ensuring sufficient market reserves. Currently, the organization is supplying less crude than the established limits allow. According to Bloomberg, this will prevent energy prices from falling during the summer in the Northern Hemisphere.

In June, Iraq's oil production rose to 3.35 million barrels per day, according to ship tracking data compiled by Bloomberg. Basrah Medium accounted for over 60% of this volume.