Iraqi oil export revenues reach 7.6b USD in January

SULAIMANI, Kurdistan Region — The Iraqi Ministry of Oil has announced that the country’s oil export revenues for January 2023 exceeded 7.66 billion USD. According to a statement from the ministry citing the State Organization for Marketing of Oil (SOMO), the total exports of crude oil for January were over 101.24 million barrels.

The statement mentioned that more than 98.46 million barrels were exported from oil fields in central and southern Iraq. In addition, over 2.47 million barrels were exported from oil fields in Kirkuk via the port of Ceyhan.

The average price per barrel for January was around 75.7 USD, the statement added. The oil was loaded by 36 international companies from ports on the Arabian Gulf and through the Turkish port of Ceyhan.

Iraq is one of the largest oil-producing countries in the world, with the majority of its oil reserves located in the southern part of the country. Revenues generated from oil exports are a critical source of income for the Iraqi economy.

In December 2022, total exports of crude oil exceeded 103.28 million barrels with revenues exceeding 7.7 billion USD, according to final statistics issued by SOMO.

Earlier, the Iraqi Ministry of Oil announced that oil export revenues for November 2022 exceeded eight billion USD, with an average price exceeding 82.41 USD per barrel, while revenues from oil exports during October were more than nine billion USD.

The consistent increase in oil export revenues is expected to provide a much-needed boost to Iraq’s economy.

 

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