Iraq pockets more than $6 billion in June oil sales: ministry
ERBIL, Kurdistan Region— The figures for June’s oil exports and revenue were announced by the Iraqi Ministry of Oil on Thursday, with revenues exceeding six billion dollars.
More than 83 million barrels of crude oil were exported in June from oil fields in central and southern Iraq, and three million barrels from Kirkuk through Ceyhan port, bringing in $6.14 billion in revenues, the ministry revealed.
The average price per barrel was $70.77.
Iraq has almost exclusively relied on oil revenues since the US invasion in 2003. The country’s economy mainly depends on exporting oil. In return, it imports gas and refined products, primarily from Iran.
As part of the Organisation of Petroleum Exporting Countries (OPEC) it had to cut its levels of oil production last year, but the alliance has now started to increase production as global demand rises.
Earlier in June, the Ministry of Oil announced that it will reduce the value of importing oil derivatives by $2 billion in the near future.
More than 83 million barrels of crude oil were exported in June from oil fields in central and southern Iraq, and three million barrels from Kirkuk through Ceyhan port, bringing in $6.14 billion in revenues, the ministry revealed.
The average price per barrel was $70.77.
Iraq has almost exclusively relied on oil revenues since the US invasion in 2003. The country’s economy mainly depends on exporting oil. In return, it imports gas and refined products, primarily from Iran.
As part of the Organisation of Petroleum Exporting Countries (OPEC) it had to cut its levels of oil production last year, but the alliance has now started to increase production as global demand rises.
Earlier in June, the Ministry of Oil announced that it will reduce the value of importing oil derivatives by $2 billion in the near future.