Iraq oil exports achieve $38.6 billion in four months: National Oil Company

Iraq sold about $38.6 billion worth of oil during the first four months of 2022, the Iraqi National Oil Marketing Company announced on Tuesday.

According to statistics published by the Iraqi National Oil Marketing Company "SOMO", Iraq's oil revenues during the first four months of 2022 reached about 38.59 billion dollars, an 82.8% increase on an annual basis.

The total value of oil revenues during the corresponding period last year amounted to $21.11 billion.

The rise is due to the hike in crude oil prices this year which reached above $100 per barrel amid rising demand and the war crisis between Russia and Ukraine.

Iraq has adhered to the agreement to reduce production approved by OPEC + since May 2020, which affected the volume of the country’s exports, wherein in normal conditions it would have amounted to 107 million barrels per month.

Iraq is the second-largest producer of crude oil within "OPEC" after Saudi Arabia, with an average production of 4.6 million barrels per day in normal conditions, and depends on oil revenues to finance up to 92 percent of state expenditures.



PUKmedia