Iraq Records Growth in Oil Exports During June

Iraq saw significant growth in oil flows last month, though total exports remained below last year's levels. Data from shipping trackers show the country's exports rose to approximately 780,000 barrels per day in June, compared to 260,000 barrels per day in May. Still, these levels were well below the 3.3 million barrels per day registered in June of the previous year. Other Gulf nations also recorded export increases; UAE exports grew to 3.7 million barrels per day, from 2.55 million barrels per day in May. Saudi Arabia's exports climbed to 4.32 million barrels per day compared to 3.69 million barrels per day the prior month. Kuwait's exports reached 760,000 barrels per day, with Iran's at 640,000 barrels per day. Consequently, total Gulf oil exports increased to 9.57 million barrels per day in June, from 7.67 million barrels per day in May, yet remained below the 16.52 million barrels per day level recorded in June of last year. Increased oil tanker movement helped alleviate the accumulation of oil shipments in the Gulf. Ninety-eight tankers crossed the Strait of Hormuz within one week, marking the highest level since tensions began. Concurrently, the volume of oil stranded in the Gulf decreased to approximately 23 million barrels, after peaking at 96 million barrels in late April.