Iraq’s oil revenues increase slightly in July despite low price on world market
ERBIL, Kurdistan Region – Iraq’s oil exports and revenues enjoyed a slight bounce in July compared to the previous month, but are still down on May’s figures, according to data published by the Ministry of Oil on Thursday.
Iraq’s oil revenues for the month of July were $6.76 billion, with an average export of 3.566 million barrels per day (bpd).
Revenues are up on June’s figure of $6.4 billion, but still down on May’s high of $7.38 billion.
For July, the total sum of exported crude from Basra, Kirkuk, and Qayarah in Nineveh stood at around 106.5 million barrels, up from June’s 105 million barrels.
Some 101.7 million barrels came from Iraq’s southern and central provinces, while 3.162 million came from Kirkuk. The majority was exported from Basra’s ports.
The average price per barrel was $60.578, down from June’s $61.156.
The Organization of the Petroleum Exporting Countries (OPEC) plus Russia agreed in early July to extend oil production cuts for nine months to soak up excess supplies and to support prices.
OPEC, of which Iraq is a member, was trying to curb the oil glut on the world market, especially since the US boosted its own production.
Amid tensions in the Persian Gulf, and particularly the Strait of Hormuz through which Iraq exports most of its oil, Baghdad is keen to diversify its export routes to protect its revenues, which depend heavily on oil.
Iraq’s oil revenues for the month of July were $6.76 billion, with an average export of 3.566 million barrels per day (bpd).
Revenues are up on June’s figure of $6.4 billion, but still down on May’s high of $7.38 billion.
For July, the total sum of exported crude from Basra, Kirkuk, and Qayarah in Nineveh stood at around 106.5 million barrels, up from June’s 105 million barrels.
Some 101.7 million barrels came from Iraq’s southern and central provinces, while 3.162 million came from Kirkuk. The majority was exported from Basra’s ports.
The average price per barrel was $60.578, down from June’s $61.156.
The Organization of the Petroleum Exporting Countries (OPEC) plus Russia agreed in early July to extend oil production cuts for nine months to soak up excess supplies and to support prices.
OPEC, of which Iraq is a member, was trying to curb the oil glut on the world market, especially since the US boosted its own production.
Amid tensions in the Persian Gulf, and particularly the Strait of Hormuz through which Iraq exports most of its oil, Baghdad is keen to diversify its export routes to protect its revenues, which depend heavily on oil.
US sanctions targeting Iran have led to a reduction of the Islamic Republic’s exports from 2.5 million bpd in April 2018 to as little as 400,000 bpd. Other oil producing states have stepped in the make up the shortfall, although global demand remains low.