Iraqi crude export revenues totaled $4.66bn in May, the sixth successive month in which they exceeded $4.5bn. This is the first time Federal Iraq has achieved this since December 2014 as the collapse in oil prices since mid-2014 has offset a 35% increase in export volumes. But it looks as if the run will come to an end in June as oil prices have tumbled since Opec met last week and decided to extend its output restrictions for nine months (MEES, 26 May). Brent crude has fallen around 7%...