Iraqi Ministry of Oil said yesterday that, the country exported 98.19 million barrels of crude oil in Nov, bringing in revenues of about 7.59 billion U.S. dollars.
The average selling price for crude oil in the month was 77.33 dollars per barrel, according to a ministry statement, citing statistics of the State Organisation for Marketing of Oil.
About 95.86 million barrels were exported from oil fields in central and southern Iraq, via the Port of Basra, while about 2.32 million barrels from the northern province of Kirkuk, via the Turkish port of Ceyhan on the Mediterranean, during the month, the statement said.
It added that crude oil exports for the month were at an average of 3.27 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 global economy combined to cause the decline of the oil exports.
Iraq’s economy heavily relies on crude oil export, which accounts for more than 90 percent of the country’s revenues.