Iraq Oil Exports Surpass 3.4 Million Bpd in October Amid Supply Recovery

Key Facts

Iraq's oil exports averaged over 3.4 million barrels per day (bpd) so far in October, according to Oil Minister Bassem Mohammed Khudair. OilPrice.com reported that this figure represents a significant jump of 750,000 bpd from September levels, when exports averaged 2.65 million bpd.

The surge in volume includes 250,000 bpd currently flowing through the Iraq-Turkey pipeline to Ceyhan, as Baghdad utilizes three export routes including the Strait of Hormuz and tanker trucks through Syria. This recovery occurs as Iraq's foreign currency reserves have fallen by $20 billion and the central bank devalued the dinar, while the ministry aims to eventually expand total export capacity to 5 million bpd.