Iraqi Oil Ministry said on Saturday that it exported more than 85 million barrels of crude oil in July, bringing in revenues of over 3 billion U.S. dollars.
Iraq’s total exports of crude oil during 31 days of July reached 85.66 million barrels with an average of 2.76 million barrels per day, a ministry’s statement said, citing statistics of the State Organization for Marketing of Oil.
The average selling price for crude oil in June was about 40.7 dollars per barrel, the statement added.
“The crude oil revenues has witnessed an increase in July compared to the past few months, despite the reduction in production and export rates in compliance with the OPEC Plus agreement,” the statement quoted Asim Jihad, the ministry spokesman, as saying.
Iraq, OPEC’s second-largest producer, is scheduled to cut exports to 2.8 million bpd of crude oil as part of its commitment to the OPEC Plus agreement that aimed to help bolster oil prices in the world markets since their collapse in April due to the coronavirus pandemic.
According to the ministry statement, about 82.7 million barrels were exported from Iraq’s central and southern oil fields via Basra ports, while about 2.7 million from the northern province of Kirkuk via the Turkish port of Ceyhan on the Mediterranean, in addition to exporting 261,894 barrels of crude oil to the neighboring Jordan during the month.
Iraq’s economy heavily relies on the exports of crude oil, which accounts for more than 90 percent of the country’s revenues.