High oil prices boost Iraq’s oil revenue over $7 billion in April

ERBIL, Kurdistan Region — Iraq made more than $7.11 billion through oil exports in April, the most this year, according to the Ministry of Oil — primarily due to higher international oil prices.

The country exported just fewer than 104 million barrels last month, compared to slightly more than 104 million the month before, according to a ministry statement. 

In April, Iraq sold its oil for an average price of $67.419 per barrel — an increase from $63.804 in March.

Brent Crude prices, since plummeting to just under $52 per barrel in January, briefly flirted with $74 in April and hovered around $71.90 on Thursday morning. 

The acting deputing minister of Refining Affairs, Amid Younis, toured facilities in Karbala and Najaf on Tuesday.

He emphasized the ministry is eager to implement plans and big projects to increase the production of oil derivate through building new refineries or the modification of the production units or building new units. 

The United States granted Iraq three waivers to wean itself off of Iranian electricity and gas imports, but it is unlikely to be granted fourth, given Washington's unwavering pressure on Iran.  

 

Saudi Arabia, the largest OPEC oil producer, has said it has no immediate plans to make up for Iran's expected decreased exports. Riyadh says it is likely to keep OPEC outputs the same through 2019, thus driving up global prices unless countries like Russia and the United States make up the gap. 

Iraq is the fifth-largest oil producer in the world and second-largest among the Organisation of the Petroleum Exporting Countries (OPEC), of which it is a founder.

Amid US President Donald Trump's desire to bring Iranian oil exports to zero, he called on OPEC to bring down increasing prices in March. 

“The Iran sanctions come on top of already fragile supplies and raise concerns about tightening markets,” Norbert Ruecker of Swiss bank Julius Baer told Reuters.