Imports from both OPEC countries were higher than their four-week averages
U.S. imports of crude oil from OPEC members Iraq and Kuwait were higher last week, a note from Global Hunter Securities said today. “Summer refinery gasoline demand is likely shifting some import flows back to Persian Gulf sources,” the GHS analysts said.
Cargos from Iraq were estimated 322 MBOPD, 139 MBOPD higher than the four-week average. Kuwait delivered an estimated 170 MBOPD compared to the four-week average of 127 MBOPD. GHS based its analysis off of information from the Energy Information Administration.
Iraq joined fellow OPEC member Libya in saying that the country hoped to continue increasing its production this week. Iraq’s President Fuad Masum was quoted as saying that the country “may have to sell oil beyond OPEC quotas.”
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