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ERBIL, Kurdistan Region – Iraq’s oil revenues remained steady in September as slight fall in export levels in adherence to OPEC limits was cushioned by the rise in per-barrel price in the aftermath of attacks on oil facilities in crude production giant Saudi Arabia last month.
Based on monthly statistics published by the Ministry of Oil on October 1, Iraq’s oil exports from all its fields averaged 3.58 million barrels of oil per day.
A total of 107.2 million barrels of oil were exported in September, bringing in a total revenue of $6.35 billion. Oil price per barrel for September was $59.14.
Export levels show a 4 percent fall from those of August, when Iraq exported 111.7 million barrels of oil. However, the price per barrel was lower in August, at $57.40, resulting in August oil revenue of $6.4 billion.
The decrease in oil exports reflects a September vow by oil minister Thamer Ghadhban that the country would adhere to OPEC (Organization of the Petroleum Exporting Countries) cuts.
In July, OPEC extended its 1.2 million barrel of oil output cut for nine months in a bid to shore up prices by ending the oil glut in the world markets. The original agreement to limit output came in December 2018 and lasted until June.
The higher market price for oil comes after drone and missile attacks against two Saudi Aramco oil facilities earlier this month.
The attack knocked out half of Saudi Arabia’s oil exports and 5 percent of global crude oil exports in just one day. The kingdom is OPEC’s largest oil producer.
In a finance ministry statement quoted by the official Saudi Press Agency on Monday, Saudi Arabia said it had restored its supplies to pre-attack levels.
Oil exports and revenues have yet to match this year’s high of $7.38 billion, reached in May.
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