Error occured during this request! Please try again later.
Iraq
An Iraqi labourer works at an oil refinery in the southern town Nasiriyah managed by Iraq’s South Oil Company (SOC). Photo: AFP
ERBIL, Kurdistan Region — The Iraqi government in January exported over 88 million barrels of oil, slightly more than the previous month, according to new figures from the oil ministry.
The ministry said in a statement on Monday that the State Organization for Marketing of Oil (SOMO) exported 88.9 million barrels in January, adding that the average export per day was 2.8 million barrels.
SOMO exported 88.2 million barrels in December and seven million less in November.
The ministry also said in the statement that the exports brought a total revenue of $4.7 billion, selling a barrel at an average price of $53.29.
Iraq is financially dependent on oil revenues and low prices have worsened the country’s economic woes. Baghdad borrowed 12 trillion Iraqi dinars ($10 billion) from the central bank to cover the fiscal deficit and pay civil sector employees.
Currently, Iraqi political parties are in talks to pass the 2021 budget bill but there has been little progress due to differences, including Kurdistan Region’s share of the budget. There have also been disagreements over the average price for a barrel of oil should be set at.
The ministry said in a statement on Monday that the State Organization for Marketing of Oil (SOMO) exported 88.9 million barrels in January, adding that the average export per day was 2.8 million barrels.
SOMO exported 88.2 million barrels in December and seven million less in November.
The ministry also said in the statement that the exports brought a total revenue of $4.7 billion, selling a barrel at an average price of $53.29.
Iraq is financially dependent on oil revenues and low prices have worsened the country’s economic woes. Baghdad borrowed 12 trillion Iraqi dinars ($10 billion) from the central bank to cover the fiscal deficit and pay civil sector employees.
Currently, Iraqi political parties are in talks to pass the 2021 budget bill but there has been little progress due to differences, including Kurdistan Region’s share of the budget. There have also been disagreements over the average price for a barrel of oil should be set at.
Comments
Rudaw moderates all comments submitted on our website. We welcome comments which are relevant to the article and encourage further discussion about the issues that matter to you. We also welcome constructive criticism about Rudaw.
To be approved for publication, however, your comments must meet our community guidelines.
We will not tolerate the following: profanity, threats, personal attacks, vulgarity, abuse (such as sexism, racism, homophobia or xenophobia), or commercial or personal promotion.
Comments that do not meet our guidelines will be rejected. Comments are not edited – they are either approved or rejected.
Post a comment