BAGHDAD, June 2: Iraq’s Ministry of Oil said on Tuesday that the country exported 89.88 million barrels of crude oil in May, bringing in revenues of about 5.88 billion U.S. dollars.
The average selling price for crude oil last month was 65.45 dollars per barrel, according to a ministry statement that cited statistics of the State Organization for Marketing of Oil.
About 86.8 million barrels were exported from Iraq’s central and southern oil fields via the Port of Basra, while about 3.06 million from the northern province of Kirkuk via the Turkish port of Ceyhan on the Mediterranean, the statement said.
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 selling prices in the oil market 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 and revenues in recent months.
Iraq’s economy heavily relies on crude oil export, which accounts for more than 90 percent of the country’s revenues.