ERBIL, Kurdistan Region - The Iraqi oil ministry said on Tuesday that it collected over $9 billion in oil revenue for the month of October, the first time the country has reported an increase in monthly oil revenue in three months.
Iraq exported over 104 million barrels of crude oil during October, at an average rate of 3.3 million barrels per day and an average price of $88 per barrel, according to the monthly report from the oil ministry.
The oil exports generated a total gross amount of $9.25 billion, breaking the country’s streak of consecutively declining monthly revenues for the first time since June.
The country set a record for its highest monthly oil revenue of all time in June, collecting $11.5 billion in sales, but went on to collect $10.6 billion, $9.7 billion, and $8.8 billion for the following three months respectively.
October’s earnings bring Iraq’s 2022 total gross from oil sales to approximately $99.7 billion. It has already well surpassed the entire revenue of 2021 which was $75.6 billion.
Oil revenue is Iraq’s main source of income, and the federal government relies on oil sales to cover its costs and pay the salaries of its civil servants.
The OPEC group, of which Iraq is a member, agreed early October to cut oil production by two million barrels per day starting from November, sparking concerns over a possible surge in oil prices. Washington has advised against the move.
Iraq exported over 104 million barrels of crude oil during October, at an average rate of 3.3 million barrels per day and an average price of $88 per barrel, according to the monthly report from the oil ministry.
The oil exports generated a total gross amount of $9.25 billion, breaking the country’s streak of consecutively declining monthly revenues for the first time since June.
The country set a record for its highest monthly oil revenue of all time in June, collecting $11.5 billion in sales, but went on to collect $10.6 billion, $9.7 billion, and $8.8 billion for the following three months respectively.
October’s earnings bring Iraq’s 2022 total gross from oil sales to approximately $99.7 billion. It has already well surpassed the entire revenue of 2021 which was $75.6 billion.
Oil revenue is Iraq’s main source of income, and the federal government relies on oil sales to cover its costs and pay the salaries of its civil servants.
The OPEC group, of which Iraq is a member, agreed early October to cut oil production by two million barrels per day starting from November, sparking concerns over a possible surge in oil prices. Washington has advised against the move.
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