ERBIL, Kurdistan Region - Oil exports in Iraq reached 101 million barrels of oil in April, with the country collecting revenues of $10.55 billion, the oil ministry said on Sunday.
Over the month, Iraq exported a total of 101.4 million barrels of oil with an average of 3.4 million barrels per day, a slight increase compared to March’s numbers.
The average achieved price was $104.09 per barrel, the ministry added.
Iraq scored its highest oil revenue since 1972 in March, pocketing over 11 billion dollars.
The Iraqi government is dependent on oil revenues to cover its costs and pay the salaries of civil servants. Despite suffering in much of 2021 due to record low oil prices, the country’s economy is once again booming as oil prices are increasing globally.
The increase in oil prices helped Iraq pay off the final installment of the Gulf War reparation to Kuwait in December.
Global oil prices have soared amid shortfall fears following Russia’s invasion of Ukraine, with the US repeatedly urging members of the Organization of the Petroleum Exporting Countries (OPEC) to increase oil production in order to stabilize the market. Iraq is also part of the agreement on production levels.
