Iraq's May oil exports averaged about 2.9 Mln Bpd

Economy 10:02 AM - 2021-06-02

Photo Credit: Reuters

Iraqi oil exports stood at about 2 million and 899,000 barrels per day (bpd) in May, little changed from the previous month, the country’s oil ministry said on Tuesday relying on the statistics of the country's official oil marketing company SOMO.

 

Price of one barrel of oil was $65.459 for may exports.

 

The statistics indicated that the total quantities exported of crude oil for the month of May from oil fields in central and southern Iraq amounted to 86 million 820,355 barrels, while from the Kirkuk fields through the port of Ceyhan, the exported quantities amounted to (3) million and (060) thousand and (913) barrels.

 

Exports from Iraq’s southern Basra terminals hit 2.8 million bpd during May, the ministry said, while shipments from Kirkuk through Ceyhan averaged about 99,000 bpd.

 

Iraq, which is OPEC’s second-largest producer, relies on oil exports for nearly all its state revenue. It was hit hard by the collapse in oil prices when the COVID-19 pandemic struck and struggled to pay public sector workers.

 

Iraq’s oil revenue rose to $5.88 billion in May as it sold crude at an average of $65.46 per barrel, up from $62.5 in April.

 

 

 

PUKmedia