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Iraq's state marketer said exports will be close to 3.595 million barrels a day in August, a record, up from 3.54 million in July. Iraq says it can raise output once OPEC agrees on how the collective supply boost will be split.
Analysts doubt Iraq can raise production quickly due to investment constraints and Shell's exit from a major project.
Added Iraqi barrels would increase crude supply, which is bearish for prices, though investment limits may cap how fast output can rise.
energynow.comAug 31, 2018After 210 past bearish policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (48% higher; middle half -3.8% to +3.2%), and +0.2% over 20.
After 215 past bearish policy events, Crude Oil (WTI) moved a median +0.1% over 5 sessions (51% higher; middle half -4.4% to +3.3%), and +0.2% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
