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Shafaq News/ Iraq's oil revenues decreased by more than 5% last August, despite the increase in Iraqi oil production by 70 thousand barrels, while an oil expert attributed this to prices.
According to the data of the Ministry of Oil seen by Shafak News Agency, Iraqi oil exports, excluding flows from the Kurdistan Region, decreased by 0.51% on a monthly basis last August to reach $9.784 billion, despite the increase in Iraq’s share in OPEC + and the rise in Iraq’s production By 70,000 barrels per day in August.
Total oil revenues for the month of August decreased by 5.63% to reach $9.784 billion on a monthly basis, compared to July, when revenues amounted to $10.368 billion.
Total oil revenues from Basra oil exports through the southern ports decreased by 4.24 percent on a monthly basis to reach $9.682 billion, compared to July, when revenues amounted to $10.111 billion.
Oil revenues from Kirkuk crude exports through the Turkish port of Ceyhan decreased by 59% on a monthly basis, to reach 102 million dollars, compared to July, when revenues amounted to 249 million dollars.
In an interview with Shafaq News Agency, the oil expert, Hamza Al-Jawahiri attributed, "The reason behind the decline in Iraq's financial revenues derived from oil is the drop in global oil prices by 6 to 8 dollars, and it is expected that these prices will remain in the range of 90 to 100 dollars for the remaining months of this year unless if There have been new events that will affect these prices.
Al-Jawahiri stressed that “September will be the last months in which oil production will be increased for the OPEC + producing countries, and therefore Iraq will reach the normal level of its reference production,” noting that “Iraq needs to develop and modernize its export ports on the Arabian Gulf to raise these exports in line with its oil production.
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Iraq's oil revenues drop by 5% in August
Shafaq News/ Iraq's oil revenues decreased by more than 5% last August, despite the increase in Iraqi oil production by 70 thousand barrels, while an oil expert attributed this to prices.
According to the data of the Ministry of Oil seen by Shafak News Agency, Iraqi oil exports, excluding flows from the Kurdistan Region, decreased by 0.51% on a monthly basis last August to reach $9.784 billion, despite the increase in Iraq’s share in OPEC + and the rise in Iraq’s production By 70,000 barrels per day in August.
Total oil revenues for the month of August decreased by 5.63% to reach $9.784 billion on a monthly basis, compared to July, when revenues amounted to $10.368 billion.
Total oil revenues from Basra oil exports through the southern ports decreased by 4.24 percent on a monthly basis to reach $9.682 billion, compared to July, when revenues amounted to $10.111 billion.
Oil revenues from Kirkuk crude exports through the Turkish port of Ceyhan decreased by 59% on a monthly basis, to reach 102 million dollars, compared to July, when revenues amounted to 249 million dollars.
In an interview with Shafaq News Agency, the oil expert, Hamza Al-Jawahiri attributed, "The reason behind the decline in Iraq's financial revenues derived from oil is the drop in global oil prices by 6 to 8 dollars, and it is expected that these prices will remain in the range of 90 to 100 dollars for the remaining months of this year unless if There have been new events that will affect these prices.
Al-Jawahiri stressed that “September will be the last months in which oil production will be increased for the OPEC + producing countries, and therefore Iraq will reach the normal level of its reference production,” noting that “Iraq needs to develop and modernize its export ports on the Arabian Gulf to raise these exports in line with its oil production.
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