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Iraq oil exports inched up by 1.3% in October

Category: Economy

Date: 2021-11-02T06:31:45+0000
Iraq oil exports inched up by 1.3% in October

Shafaq News/ The Iraqi Ministry of oil said that the country's oil exports increased by 1.3% in the current month.

Crude oil exports amounted to 3.120 million barrels per day, compared to 3.080 million barrels per day in September.

Iraq's share of OPEC + in October reached 4.149 million barrels per day, up from 4.105 million in September. The share will rise to 4.193 million barrels per day in November.

Exports from Oilfields in Mid and south Iraq were 3.012 million barrels per day, while Kirkuk oilfields exports, via Ceyhan port, contributed with 97158 barrels per day.

Iraq yielded $7.68 billion in October of oil revenues at an average price of $79.376 a barrel, compared to $6.77 billion at an average price of $73,328 a barrel in September.

Iraq struggled at the beginning of 2021 and most of 2020 to stick to its share amid the COVID-19 pandemic, the collapse in oil prices, and the financial crisis sweeping the country.

OPEC and its allies have also gradually raised production quotas this year in anticipation of a rise in global demand for oil as the world continues to emerge from the epidemic.

Iraq is one of the five countries that has negotiated a higher baseline for its quota, which will rise from 4.653 million barrels per day until April 2022 to 4.803 million barrels per day in May 2022 onwards.

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