Iraq doubles its oil exports in July, easing the impact of declining Gulf supplies.

Data from Kpler showed that crude oil and condensate exports from the Gulf states stabilized during July at around 10.7 million barrels per day, a slight increase of 2% compared to June, but still about 40% lower than their levels before the escalation of tensions in the region. Dailynews reports

Iraq contributed to supporting the region’s exports after it doubled its exports compared to last June, benefiting from an increase in oil tanker shipments, which compensated for some of the decline in Saudi and Emirati exports.

Nevertheless, data showed a slowdown in oil flows during the second half of July as security tensions escalated in the Strait of Hormuz and the Red Sea, and the number of ships reporting attacks increased, prompting several tankers to change their routes or turn off their tracking systems while at sea.

The report noted that stable exports helped reduce concerns about global supply shortages, but oil tanker traffic through the Strait of Hormuz and Bab al-Mandab remains below pre-war levels, keeping geopolitical risks influential in energy markets.

Shafaq.com