Iraq's oil revenues surge by 6.67% amid global oil price hike

Shafaq News/ Iraq has witnessed a notable increase in its oil revenues, reporting a rise of 6.67% month-on-month, culminating in a total of $8.846 billion, with economic experts attributing this rise to the surge in global oil prices.

Data and statistics released by the Ministry of Oil show that the total oil revenues for the past month of August surged by $553 million, or 6.67%, from July's figures which stood at $8.293 billion.

The total oil revenues from the Basra oil exports through the southern ports increased by 7% on a monthly basis to reach $8.781 billion, up from July's revenue of $8.207 billion.

According to the data, Iraq exported crude oil to Jordan through tankers, generating a revenue of $33 million from the export of 464,000 barrels.

Economic expert, Mohammed al-Hassani, attributes the uptick in financial revenues to "Iraq's oil exports for August, increasing by one million barrels to reach a total of 106 million barrels."

However, he noted that "these exports were constrained due to delays in infrastructure upgrades, particularly in updating the pumping stations."

Al-Hassani added that "prices were bolstered by a global increase in oil prices, which ranged between $84 and $87, following OPEC+'s decision to cut production, leading to reduced oil supply and a consequent rise in global oil prices."

"This is despite the economic slowdown in China and the US Federal Reserve's interest rate hike due to inflation, which could decelerate its economy."