Iraq oil revenue up for second month in a row despite export cut
ERBIL, Kurdistan Region — Iraq saw its oil revenue grow for a second month in a row in August despite the country continuing to cut its exports in compliance with an OPEC+ agreement, thanks to higher prices.
In August, Iraq exported an average of 2.597 million barrels per day (bpd), bringing in $3.517 billion in revenue, the oil ministry announced on Tuesday. The average price per barrel was $43.69.
August's revenues mark a $30 million dollar increase on July, when Iraq brought in $3.487 billion in oil revenue – even though it exported 166,000 fewer bpd this month.
The new numbers look promising for Iraq, which has experienced a plummet in oil revenue in recent months and depends on the income for roughly 90 percent of its annual budget.
Oil producers of OPEC and allies have been cutting production since May by 10 percent of global supply after the COVID-19 virus slashed demand. OPEC+ agreed to ease the measures from August as the global economy shows signs of recovery.
Iraq was slow to comply with the production cuts. Oil minister Ihsan Abdul Jabbar said Iraq would be in full compliance by August, and would compensate for overproduction in May, June and July.
In June, Iraq exported 2.816 million bpd, bringing in $2.861 billion. In May, Iraq exported 3.212 million bpd with revenues of $2.91 billion.
In August, Iraq exported an average of 2.597 million barrels per day (bpd), bringing in $3.517 billion in revenue, the oil ministry announced on Tuesday. The average price per barrel was $43.69.
August's revenues mark a $30 million dollar increase on July, when Iraq brought in $3.487 billion in oil revenue – even though it exported 166,000 fewer bpd this month.
The new numbers look promising for Iraq, which has experienced a plummet in oil revenue in recent months and depends on the income for roughly 90 percent of its annual budget.
Oil producers of OPEC and allies have been cutting production since May by 10 percent of global supply after the COVID-19 virus slashed demand. OPEC+ agreed to ease the measures from August as the global economy shows signs of recovery.
Iraq was slow to comply with the production cuts. Oil minister Ihsan Abdul Jabbar said Iraq would be in full compliance by August, and would compensate for overproduction in May, June and July.
In June, Iraq exported 2.816 million bpd, bringing in $2.861 billion. In May, Iraq exported 3.212 million bpd with revenues of $2.91 billion.