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Iraq's Crude Exports Shoot Past 90 Million Barrels In July

Iraq exported 90.46 million barrels of crude oil in July accumulating $6.51 billion in revenues

According to Iraq's Ministry of Oil last Sunday, the country exported 90.46 million barrels of crude oil in July alone, accumulating $6.51 billion in revenue. The average price for crude oil in July was 72 dollars per barrel.

Around 87.45 million barrels have been exported from Iraq's central and southern oil fields through the Port of Basra, while an estimate of 3.01 million came from Kirkuk through the Turkish port of Ceyhan.

Formerly, Iraq's exports used to exceed 100 million barrels per month with higher revenues, however, due to the COVID-19 pandemic's impact on the global economy the OPEC+ have agreed to cut oil production and a dip in oil prices ultimately leading to the decline of the country's oil exports and revenues.

Crude oil export is Iraq's bread and butter, and accounts for 90 percent of the country's revenues.

 

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