Oil Report

UPDATE 1-Iraq oil exports reach 3.566 mln bpd in July –oil ministry

(Add details)

BAGHDAD, Aug 1 (Reuters) - Iraqi oil exports rose to 3.566 million barrels per day (bpd) in July from 3.52 million bpd the previous month, the oil ministry said in a statement.

Exports from the southern Basra oilfields reached 3.435 million bpd, up from 3.39 million bpd in June, it said.

Shipments from Iraq’s northern Kirkuk oilfields to the Turkish port of Ceyhan averaged 101,000 bpd, the statement said.

The average sale price in July was $61.156 per barrel, generating around $6.76 billion in revenue, the ministry said.

Iraq is producing below its maximum capacity of nearly 5 million bpd, in line with a production-cutting agreement between OPEC and allies such as Russia which is aimed at supporting prices. (Reporting by Ahmed Rasheed Editing by David Goodman and Deepa Babington)