Iraq sees lower oil exports but high revenues in June

Iraq sees lower oil exports but high revenues in June
Iraq is home to the world’s fifth largest proven crude oil reserves. (Reuters)
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Updated 22 July 2021

Iraq sees lower oil exports but high revenues in June

Iraq sees lower oil exports but high revenues in June
  • Iraq’s nationwide exports averaged 3.336m b/d in June
  • Total revenues came in at just over $6bn

Iraqi oil exports fell slightly last month but revenues were boosted thanks to higher prices, according to the Iraq Oil Report citing the ministry of oil.

Iraq’s nationwide exports averaged 3.336m b/d in June, the newsletter said, while total revenues came in at just over $6bn.

The report said that exports by the federal government in Baghdad in June were 2.892m b/d, slightly lower than 2.899m b/d in May.

Under a complex arrangement, the Kurdistan regional government in the north of the country exported just over 100,000 b/d through the pipeline to the Turkish port of Ceyhan.

Iraq is the second largest producer in the Opec group of oil exporting countries and is reliant on hydrocarbon earnings for nearly all government revenues. The country is home to the world’s fifth largest proven crude oil reserves, according to the US Energy Information Administration.