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Iraq
Excess gas burnt off at a pipeline in the oil refinery of Zubair, southwest of Basra in southern Iraq, on March 3, 2016. Photo: AFP
ERBIL, Kurdistan Region - Iraq in January pocketed over eight billion dollars, exporting over 99 million barrels of oil, the ministry of oil announced on Tuesday, noting an increase in revenues compared to the month before as global oil prices rise to their highest level in over five years.
Iraq exported 99,286,078 barrels of oil, with an average of 3.203 daily exports, the ministry said.
The oil sales brought in $8.27 billion, around a billion more than December’s total exports, the ministry records showed.
The average price of each barrel was $83.25.
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.
In early January, global oil prices hit over $90 per barrel for the first time since 2014.
The increase in oil prices comes at a time when Iraq is in the process of forming a new government following October’s early election.
The newly-elected deputy parliamentary speaker Hakim al-Zamli on Sunday said that the new parliament will focus on passing legislation that “serves the people,” and among these priorities include redistributing a percentage of oil revenues among those in need.
The rising prices also helped Iraq to pay off the final installment of the Gulf War reparation to Kuwait in December.
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