According to data from Kpler and a source familiar with shipping operations, Iraq’s crude oil shipments more than doubled to approximately 1.2 million barrels per day (bpd) during the first half of July, marking a significant acceleration in exports following months of constraints.
As a major global crude oil exporter and a key OPEC member, Iraq’s doubling of shipments to around 1.2 million bpd—reversing a period of restricted output—will boost global crude supplies. This shift exerts downward pressure on crude oil spot prices and, given the expectation of increased supply, is also bearish for crude oil futures prices; overall, the development is considered a bearish factor.
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