Iraq’s Oil Exports Top 111 MM barrels in August

Iraq’s Oil Exports Top 111 MM barrels in August

Iraq has exported 111.7 million barrels of oil during August, with total revenues of about 6.42 billion, according to a statement by the Iraqi Ministry of Oil.

Oil exports from middle and southern regions oilfields amounted to 107.52 million barrels, with revenues of $6.2 billion, while exports Kirkuk reached 3.25 million barrels of crude oil, with $178.7 million in revenues

Prices averaged $57.4 per barrel, compared with an average selling price of  $61.16 in July, as shown by the data of the State Organization for Marketing of Oil (SOMO).

Oil exports were loaded by 39 different multinational companies, according to the Iraqi Ministry of Oil spokesman Assem Jihad.

The Iraqi government has previously committed to reducing crude oil production levels starting from October, in line with the output cut agreement sponsored by the  Organization of the Petroleum Exporting Countries (OPEC), noting that raising production was necessary to meet higher local demand during summer.



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