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ECONOMY
Flare stacks burn off excess gas at the Basra Gas company at Khor al-Zubair city in Basra governorate on September 21, 2021. File photo: Hussein Faleh/AFP
ERBIL, Kurdistan Region - Iraq exported nearly 100 million barrels of crude oil in October, increasing exports by more than four million barrels compared to the previous month, the Oil Ministry said on Monday.
The ministry said in a report that it exported 96.7 million barrels of oil last month, bringing in $7.68 billion. The exports included just over three million barrels from Kirkuk.
“The average daily oil export reached 3.12 million barrels per day, and the average price per barrel was $79.376,” the ministry stated.
Iraq exported 92.5 million barrels of oil in September, collecting $6.777 billion, according to last month's report.
The Iraqi government is dependent on oil revenues to cover its costs and pay the salaries of its civil servants. Record low oil prices during the pandemic last year contributed to a financial crisis in Iraq, but a recent boost in the oil market and the central bank’s decision in December to devalue the dinar have eased the crisis.
The ministry said in a report that it exported 96.7 million barrels of oil last month, bringing in $7.68 billion. The exports included just over three million barrels from Kirkuk.
“The average daily oil export reached 3.12 million barrels per day, and the average price per barrel was $79.376,” the ministry stated.
Iraq exported 92.5 million barrels of oil in September, collecting $6.777 billion, according to last month's report.
The Iraqi government is dependent on oil revenues to cover its costs and pay the salaries of its civil servants. Record low oil prices during the pandemic last year contributed to a financial crisis in Iraq, but a recent boost in the oil market and the central bank’s decision in December to devalue the dinar have eased the crisis.
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