Iraq’s Ministry of Oil said on Friday that the country exported 92.42 million barrels of crude oil in September, bringing in revenues of about 6.71 billion U.S. dollars.
The average selling price for crude oil in September was 72.61 dollars per barrel, according to a ministry statement, citing statistics of the State Organization for Marketing of Oil.
About 89.22 million barrels were exported from oil fields in central and southern Iraq via the Port of Basra, while about 2.92 million barrels from the northern province of Kirkuk via the Turkish port of Ceyhan on the Mediterranean, in addition to exporting 275,274 barrels to neighboring Jordan during the month, the statement said.
It added that crude oil exports for the month were at an average of 3.08 million barrels per day.
Iraq used to export more than 100 million barrels per month with higher revenues, but the OPEC Plus agreement to cut oil production and a dip in oil prices because of the impact of the COVID-19 pandemic on the global economy have combined to cause the decline of the country’s oil exports.
Iraq’s economy heavily relies on crude oil export, which accounts for more than 90 percent of the country’s revenues.
Source: Xinhua