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Iraq's oil exports rise 1.3%
- Time: 02/11/2021 08:48:25
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{Economic: Al Furat News} The Iraqi Oil Ministry said that the country's exports, excluding flows from the Kurdistan Region, rose 1.3% on a monthly basis in October, amid an increase in the share of OPEC +
Oil exports rose to 3.120 million barrels per day in October from 3.080 million barrels per day in September, according to oil ministry figures.
Iraq's share of OPEC + in October was 4.149 million barrels per day, up from 4.105 million barrels per day in September, and the share will rise to 4.193 million barrels per day in November.
Central and southern exports rose by 1.3% during the month to reach 3.012 million barrels per day in October, while Kirkuk oil exports through the Turkish port of Ceyhan declined by 0.3% to 97,158 barrels per day during the same period, and trucked oil to Jordan rose by 9% to 9,992 b/y.
Iraq achieved $7.68 billion in October from selling its oil 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 negotiated a higher baseline for its quota, which will rise from 4.653 million barrels per day through April 2022 to 4.803 million barrels per day in May 2022 onwards.
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{Economic: Al Furat News} The Iraqi Oil Ministry said that the country's exports, excluding flows from the Kurdistan Region, rose 1.3% on a monthly basis in October, amid an increase in the share of OPEC +
Oil exports rose to 3.120 million barrels per day in October from 3.080 million barrels per day in September, according to oil ministry figures.
Iraq's share of OPEC + in October was 4.149 million barrels per day, up from 4.105 million barrels per day in September, and the share will rise to 4.193 million barrels per day in November.
Central and southern exports rose by 1.3% during the month to reach 3.012 million barrels per day in October, while Kirkuk oil exports through the Turkish port of Ceyhan declined by 0.3% to 97,158 barrels per day during the same period, and trucked oil to Jordan rose by 9% to 9,992 b/y.
Iraq achieved $7.68 billion in October from selling its oil 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 negotiated a higher baseline for its quota, which will rise from 4.653 million barrels per day through April 2022 to 4.803 million barrels per day in May 2022 onwards.
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