Iraq’s October oil revenues exceed 9 billion USD
Technicians controlling a valve in an oil facility in Iraq. Photo: Iraqi News Agency
Baghdad (IraqiNews.com) – The Iraqi Ministry of Oil announced on Tuesday that oil export revenues for October exceeded nine billion USD, with an average price of 88.31 USD per barrel, according to the Oil Ministry statement cited by the Iraqi news Agency (INA).
According to initial statistics issued by the State Organization for Marketing of Oil (SOMO), the total exports of crude oil during October exceeded 104.83 million barrels with revenues exceeding 9.25 billion USD, the statement mentioned.
The statement indicated that the total quantities of crude oil exported during October from oil fields in central and southern Iraq were more than 102.07 million barrels, while the quantities exported from oil fields in Kirkuk through the port of Ceyhan were more than 2.41 million barrels.
The average daily quantities exceeded 3.83 million barrels with an average price of 88.31 USD per barrel, the statement added.
Director of Basra Oil Company (BOC), Khalid Hamza Abbas, confirmed that BOC’s oil exports during October represent the highest export rate in the past three years, as the export rate from the southern sea ports exceeded 3.29 million barrels per day, according to INA.
Abbas mentioned that BOC will increase its export capacities during the next phase to support the national economy, INA added.