BAGHDAD, Jan 2 (NNN-NINA) – Iraq’s Ministry of Oil said, Iraq exported 88.21 million barrels of oil in Dec, 2020, bringing in revenues of more than 4.2 billion U.S. dollars.
The average selling price in Dec, 2020, was 47.76 dollars per barrel, according to a ministry statement, citing statistics of the State Organisation for Marketing of Oil.
About 85 million barrels were exported from Iraq’s central and southern oil fields, via the Port of Basra, while about 3.16 million from the northern province of Kirkuk, via the Turkish port of Ceyhan on the Mediterranean.
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 selling prices in the oil market because of the impact of the COVID-19 pandemic on the global economy, have combined to cause decline of its oil exports and revenues in recent months.
Iraq’s economy heavily relies on the exports of crude oil, which accounts for more than 90 percent of the country’s revenues.– NNN-NINA
