Oil Ministry announces October oil revenues exceed $9 billion
Workers walk down a path in the Nihran Bin Omar oilfield north of Basra. Photo: AP
Baghdad (IraqiNews.com) – The Iraqi Ministry of Oil announced on Thursday that oil export revenues for October exceeded nine billion USD, according to the Oil Ministry statement cited by the Iraqi news Agency (INA).
According to final 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 9.28 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 price per barrel was nearly 88.54 USD, and the exported quantities have been loaded by 34 international companies from ports on the Arabian Gulf and through the Turkish port of Ceyhan, the statement added.
The Iraqi Ministry of Oil started to share information about its oil export operations and revenues out of its awareness and belief to let the information available for the Iraqi people, according to the statement.
Director of Basra Oil Company (BOC), Khalid Hamza Abbas, stated earlier 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 also mentioned that BOC will increase its export capacities during the next phase to support the national economy, INA added.