Iraq oil output hit 13-month high in July

Iraq's oil production rose to a 13-month high of 4.46 million barrels per day (bpd) in July, the Iraqi State Oil Marketing Organization (SOMO) said on Thursday, according to S&P Global Platts.

Further, Iraq's oil exports rose to 3.875 million bpd in July - their highest since January 2017 - up 25,000 bpd from June.

The increased supplies from OPEC heavyweights and growing evidence that the oil industry is now able to serve as an alternative source of light, sweet crude could keep the market finely-balanced despite Iran sanctions.